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Isas frozen out as January sales slump

Net sales of retail investment funds slumped to £217m in January, almost £400m down on the same period last year, according to the IMA.

The January net total was down by around 16 per cent from December&#39s £269m and represented a huge drop from January 2002, when sales were £610m.

A decline in Isa business accounted for much of the fall, with net Isa sales dropping to £157m from £211m in December. Last January, this figure stood at £276m.

Isa repurchases rocketed last month to £187m from £115m in December, far more than the amount cashed in – £104m – in January 2002.

The most popular funds were in the UK corporate bond and UK equity income sectors, with retail sales of £246m and £47m respectively. The worst-selling funds were in the Europe excluding UK and UK equity & bond income sectors, which saw figures of -£90m and -£20m respectively.

Intermediaries accounted for 62 per cent of overall retail sales, with salesforces/tied agents on 21 per cent, the direct channel on 11 per cent and private client advisers on 5 per cent.

Head of communications Clare Arber says: “Despite the worst bear markets in a generation, net investment by private investors continues to be positive.”

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