Latest statistics from the Investment Management Association (IMA) reveal that total investment funds under management in March rose to £382 billion, 35% higher than March 2005, writes Suzanne Greener. ISA funds under management reached £48 billion, 25% higher than the previous year.
Net ISA sales of £576 million for the month were over four times higher than February and were up 29% from March 2005. Net sales for the 2005/06 tax year reached £2 billion, an increase of 13% on 2004/05 while the 2005/06 ISA season (1 March - 5 April) saw net inflows of £897 million, equivalent to an increase of 16% on the same period last tax year.
The most popular ISA sector in the 2005/06 tax year was UK All Companies accounting for 27% of gross inflows.
Richard Saunders, Chief Executive of the IMA, commented: "In terms of net retail sales, March 2006 and the first quarter of this year were the best for six years. In addition, the ISA season was the strongest since 2002. This confirms that retail investors have continued to return to the market."
Fidelity International also reported healthy ISA sales during the tax year. The fund manager revealed that its gross ISA sales topped £1.5 billion and were up 47 per cent on last year. Sales were up 57 per cent during the ISA season (1 January - 5 April 2006) when compared with the same period last year. Gross ISA sales via all distribution channels amounted to £655 million, up 55 per cent. Likewise Fidelity FundsNetwork also revealed that, fuelled by the buoyant ISA season, its assets under custody had increased by 57% on the previous year and passed the £7.5 billion mark.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.