Net sales for the 2008-09 Isa season were considerably higher than last year, according to Investment Management Association (IMA) statistics.
Between March 1, 2009 and April 6, the so-called Isa season, the IMA records net inflows into Isas of £529.1m. This is up 74% on the last year’s Isa season inflow of £303.8m.
Despite the Isa surge in the last few months of the tax year, for the complete 2008/09 tax year, the IMA records net Isa outflows of £975m. This compares with £1.7 billion of outflows seen in the 2007/08 tax year.
The most popular sector for Isa investment in the 2008/09 tax year was UK All Companies, which accounted for 21% of gross inflows. In net terms, the most popular sector was protected/guaranteed funds.
Net sales of investment fund Isas were £321m in March, up from £47.5m in March 2008 and an increase on last month’s outflow of £112.5m.
Meanwhile, the IMA recorded £1.7 billion of net retail sales in March this year, of which £1 billion was invested in bond funds.