Bill Mott’s new PSigma income fund was one of the big winners in what has been a broadly disappointing Isa season.
Mott’s fund attracted 108m in its limited offer period, making it the most successful fund launch this year. Many advisers have reported Isa sales broadly flat on last year, with Chelsea Financial Services marginally below its initial target, Hargreaves Lansdown up and BestInvest flat.
Most distributors stress that these are early indicators, with the rising volume of online sales not yet fully collated.
Various factors have been blamed for the uninspiring Isa season, including the recent market blip and interest rate rises stretching consumers.
Chelsea and BestInvest say UK equity income was a top seller, with property also strong.
BestInvest senior investment adviser Hugo Shaw says: “It has been a case of the usual suspects. UK equity income continued to be one of if not the biggest seller while property sold well across the board.”
FundsNetwork reported a slight upturn in Isa sales although the rise is less profound than in previous years. The group’s last-minute Isa collection points across the country saw a small increase, rising from 12m to 15m in applications.
FundsNetwork head of sales and marketing Rob Fisher says: “Sales were up slightly but not as buoyant as last time.”