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Flying start for Isa season with early upswing

The Isa season is off to a flying start with September seeing the first rise in monthly sales since March, according to Autif figures.

Net Isa sales for September rose by 3 per cent to £616m from £598m in Aug-ust, the first rise in sales since hitting £2.3bn in March.

Seasonal trends in Pep and Isa sales have historic-ally recorded their first ann-ual upturn in October or November. But a raft of autumn fund launches, discounts and additional advertising from UK fund managers has sparked a surge in sales.

Regular savings plans recorded their best-ever sales figures over the third quarter, with more than £516m invested in about two million plans between July and September compared with £500m in the second quarter.

Michael Philips partner Michael Both says: “If I am looking at a younger inves-tor, the must-have invest-ment product is now an Isa and not a pension. I am not recommending pensions over Isas anymore.

“I think there are a number of reasons for the early turnround in Isa sales. I think people are a bit sick of the mad scramble before the April deadline and I think all the fund supermarket launches are making people more aware.”

Recent research by Fidelity found that many more younger investors hold Isas than Peps, with 42 per cent of the company&#39s Isa clients under 40 compared with just 19 per cent of Pepholders.

Total unit trust and Oeic sales rose by 5 per cent to £4.79bn in September from £4.58bn in August.

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