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Isa sales grow but IFA market share declines

Isa sales are picking up but IFAs are failing to capitalise, according to

data from Autif.

July Isa sales outstripped Pep sales in July last year, with net Isa sales

for July reaching £639m compared with £586m in June and Pep sales of £475m

in July 1998.

But IFAs saw their share of the market drop slightly from June. They took

34 per cent of the business in July compared with direct salesforces which

took 43 per cent.

In June, IFAs won 39 per cent of Isa business and salesforces accounted

for 37 per cent. The best-selling retail funds for July were in the UK

general bonds sector and the UK all companies sector.

More than half of the gross unit trust and Oeic sales were in these two


Institutional investors piled their cash into the UK all companies sector

and Japan.

Worst-selling retail funds were UK money market and global equity & bond

while institutions steered clear of European specialist and UK smaller


Overall gross sales of unit trusts and Oeics reached £3.69bn in July,

which was slightly down on June&#39s figure of £3.73bn but ahead of July 1998

sales of £3.3bn.

Autif director of communications Anne McMeehan says there are signs that

inves- tors may be warming to Isas.

She says: “The continuing popularity of investment funds has resulted in

particularly good sales for the time of year. Securities Isas have enjoyed

their most successful month so far. It may be that investors, having taken

out a cash Isa, are now looking at their longer- term savings to the

advantage of investment fund Isas.”


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