View more on these topics

Isa sales March at the double

Net Isa sales in March were more than double February&#39s level at £496m and 21 per cent higher than March 2003, according to IMA figures.

Net retail sales through tied agents accounted for 46 per cent compared with 36 per cent from intermediaries. The balance was made up of direct-offer sales at 12 per cent and sales through private stockbrokers at 5 per cent.

IFAs have shown a 7 per cent increase during the year, with 29 per cent of net retail sales while tied channels have fallen from 53 per cent to 47 per cent over the same period.

Net Isa sales from April 1 to April 5 were £247m, which brought sales for the 2003/04 tax year to £3.6bn compared with £4.1bn for 2002/03.

Isa repurchases in March 2004 rose to £349.5m from £165m in March 2003. Total retail fund repurchases hit a very high level of £2.7bn, a rise of £1bn on February this year and March last year.

IMA chief executive Richard Saunders says: “Isa sales in March were stronger than last year although they were well below their peak in 2000. Investors have been returning to funds since the middle of last year and to equities over the last six months. That trend is continuing.”

Bates Investments senior investment adviser Paul Ilott says: “This is partly a response to investors becoming more discerning about where they go for advice.”

Recommended

NU slaps guarantee charge on NUL&P fund

Norwich Union is placing a 0.75 per cent charge to pay for guarantees on its NU Life & Pensions with-profits fund to allow it to maintain its 52 per cent equity backing ratio. The life office has also published principles and practices of financial management for all of its with-profits funds. Under the FSA&#39s new […]

See you later, alligators

After 20 years in personal finance – and at the conclusion of the sale of Wentworth Rose to Aegon, which should be very good for both companies – I find myself leaving the industry, at least for a year or two. This provides me with a rare opportunity to examine the swamp without worrying about […]

Poll reveals life office tech fears

Senior life office executives do not believe their companies&#39 IT budgets are big enough to sustain their business strategies over the next two to three years. A survey of 50 life company executives by Sapiens International reveals that 38 per cent are worried that their firms do not have enough cash allocated to develop their […]

Blair raises hopes of pension compensation

Prime Minister Tony Blair has given his biggest indication to date that the Government will compensate workers who lost their final salary pensions. In response to a question in the House of Commons last week, Blair said he was actively considering the position of people who have lost money in occupational pension schemes. It is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com