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Fund platforms see record gross Isa sales in April, IMA stats

Fund platforms recorded their highest ever gross sales through Isas in April, according to the IMA, as Isas recorded solid sales around the end of the financial year.

April saw net retail sales of £2.4 billion, above the monthly average of £1.8 billion for the previous 12 months and the highest level since April 2010. Half of all net retail sales were sales of Isa funds. Fund platforms have confirmed this £1.3 billion in Isa sales is the highest on record.

The net Isa sales of £877m were lower than the £1.1 billion recorded for the same period in 2010 but are substantially higher than in other recent years.

The April statistics have also revealed the £ strategic bond was the highest selling sector for the fourth month running. This sector accounted for 39 per cent of gross sales of bonds for April.

Global equities was the second highest selling sector for the month, taking £241m for the highest level of sales since March 2010.

Net retail sales of UK equity income, the fourth most popular IMA Sector, totalled £176 million in April, well over the monthly average of £28 million for the previous 12 months.

Only six sectors witnessed outflows over the course of the month.

These included three sectors with lower-risk UK fixed income exposure – £ corporate bond, money market, and UK equity & bond Income – and two sectors investing in the troubled eurozone, Europe including UK and Europe excluding UK.

Japanese smaller companies, which is particularly exposed to Japan’s current domestic crisis, was the sixth to suffer outflows.

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