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Isa sales fall in November but big surge is forecast

Net Isa sales were negative in November despite continued strong performance from the stockmarkets and Treasury Economic Secretary Ed Balls’ commitment to maintain the tax wrapper.

Although net Isa outflows were small at 3.1m, sales were down by 83m on October and 82m down on November 2005. The most popular Isa sector was UK all companies which accounted for 26 per cent of gross sales. Property remained the best-selling net retail sector overall for the 11th month running. The specialist sector, which includes prop-erty funds, saw inflows of 408m, of which 393m went into property portfolios.

IMA deputy chief executive Sheila Nicoll says: “Despite sales of investment funds dipping to their lowest levels for four months in November, net retail sales for 2006 are still on track to be one of the best years on record.”

F&C believes that raising the Isa limit from 7,000 to 10,000 or more in the next Budget would bolster sales. Research by the firm found that 56 per cent of the public favour this increase, with only 7 per cent wanting the cap to remain unchanged.

Director of communications Jason Hollands says: “Ironic-ally, November was the very month when Ed Balls revealed that the Government would make Isas a permanent part of the investment landscape. Now the Government has signalled that Isas have a long-term future, we believe the level of the allowance is long overdue a review.”


Tories have a dream for FTBs

Community land trusts were pioneered by the Levellers and backed by civil rights champion Martin Luther King.

F&C gives wider scope to fixed-interest fund

F&C has renamed its fixed-interest fund as the UK corporate bond fund as part of a number of changes to bolster its presence in the core investment-grade portion of the sector.Fund manager Ian Robinson can now invest up to 20 per cent of the portfolio outside investment-grade issues when he feels appropriate. He therefore has […]

L&G appoints head of EU equities

Legal & General Investment Management has appointed Ian King to the position of head of active European equities who will join at the end of January.King previously worked at American Express Asset Management International and was responsible for its European alternative investments from 2000 to 2005.King has also worked at Lehman Brothers Global Asset Management […]

Lund leaves SJP with 4m payoff

St James’s Place chief executive Mark Lund has quit in what SJP calls a joint agreement. He joined SJP three years ago and became chief executive in September 2004. He is leaving with an estimated 4m payoff.


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