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Isa sales hit £10bn in first year

Isa sales topped the 10bn mark in their first year as investors pumped in

more 2.4bn in March, according to figures from Autif.

March sales more than doubled the 1.07bn invested in February and the

influx continued with 997m invest^_ed in the first five days of April to

the end of the tax year.

Pep sales were 3.2bn in March 1999 and 12.9bn for the tax year 1998/99.

Isa sales were 10.6bn in 1999/2000.

Autif says investors fav^_oured the UK, European and global growth

sectors, with
corporate bond and index trackers proving popular.

The number of technology fund Isas shot up from 96,000 to 176,000 in March.

IFAs were responsible for half of all unit trusts and Oeic Isa sales,

improving on their previous 35 per cent share of Pep market sales. Tied

agents accounted for 26 per cent while 23 per cent of sales were direct.

Autif director of communications Anne McMeehan says: “We are very pleased

that, in spite of early misgivings about the complex Isa structure,

investors have rem^_ained
committed to using unit trust and Oeics for

their long-term investment needs.

“After a slow start, equity Isa sales gained momentum and by late autumn

were proving to be every bit as popular as Peps. Curiously though, the now

traditional end of tax year rush to beat the deadline was repeated this

year by eager Isa investors who managed to pour a further 1bn into

investment funds in the last five days.”

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