Net sales for fund Isas hit £1.1bn for the 2012/13 tax year, of which nearly £350m was invested in the last five days of the tax year, according to data
from the Investment Management Association.
IMA £ strategic bonds was the top-selling sector of 2012/13 with £387m of sales. Mixed investment 20-60 per cent shares was the second most popular sector during this period followed by global equity income, global emerging markets and Asia pacific excluding Japan.
Despite the busy end to the year, March saw a slowdown in retail sales compared with the previous two months.
Mixed asset funds were the best-selling asset class with net retail sales of £291m.
IMA chief executive Daniel Godfrey says: “The last-minute rush into Isas at the end of the tax year appeared again, with £347m invested in the first five days of April alone.
“Overall sales were lower in March compared with recent months. The sector rankings for the month, for Isas and funds in general, suggest investors are spreading their money across different asset classes and that both growth and income strategies are in demand.”
AWD Chase de Vere head of communications Patrick Connolly says: “We saw strong performances in stockmarkets so we had renewed investor confidence. This is still fragile and it will not take much to turn investor confidence around.”