View more on these topics

Fund firms reveal big downturn in Isa sales

An unprecedented number of fund firms have released their Isa season sales figures early, putting an end to the speculation of the past few weeks.

The figures confirm most of the industry&#39s fears, with many providers suffering substantial losses on last year. Jupiter and Merrill Lynch were among the worst hit, with sales down by up to 60 per cent.

Fidelity won yet another convincing victory although its sales of £483m since the start of the year were down by 25 per cent. But sales for the whole tax year were down by just 6 per cent after strong sales at the end of 2000.

Norwich Union, Framlington and ABN Amro were the season&#39s biggest winners. NU&#39s higher-income plus fund, Framlington&#39s health and ABN Amro&#39s UK growth fund were their best sellers.

Invesco and Perpetual say they can only provide figures through a stockmarket announcement. M&G will make an announcement on April 20. Gartmore reported sales down by 25 per cent and Aberdeen saw a drop of 40 per cent.

Best Invest deputy managing director Jason Hollands says it is worth taking some figures with a pinch of salt. He says: “These figures are very sensitive and many companies manipulate them.”

Recommended

Scottish Life International re-runs bond series

Scottish Life International has introduced the fifth series of its stockmarket linked income and growth bonus bond.This offshore bond has a three year term and gives investors the choice between two income options and a growth option. They can select an annual income of 11.2 per cent gross, a quarterly income of 2.7 per cent […]

Making with-profits work for stakeholder

The combination of the 1 per cent price cap and setting up a with-profits fund was not one the majority of providers felt they could offer in a way that would compete with other products that were either stakeholder or with-profits. The problem with including with-profits within a stakeholder framework is that whatever capital is […]

Rathbone Unit Trust Management – Global Fund

Tuesday, 10 April.Type: Unit trust.Aim: Growth by investing in 50 large, mid and small-cap stocks.Minimum investment: Lump sum £1,000, monthly £100.Investment split: 100 per cent in large, mid and small-cap stocks.Isa link: Yes.Pep transfers: Yes.Charges: Initial 5.5 per cent, annual 1.5 per cent.Special offer: Initial charge reduced to 3.5 per cent.Offer period: Until May 8, […]

Cheltenham & Gloucester…

Cheltenham & Gloucester is taking over from NatWest as the title sponsor of county cricket&#39s premier one-day knockout tournament in England and Wales. Sponsorship of the Cheltenham & Gloucester Trophy runs until the summer of 2003. The first round of the competition starts on Tuesday, May 1. C&G says the £3m deal further reinforces its […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment