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Recovery signs for Isa sales in February

The Isa season showed signs of mild recovery in February as net retail sales of investment funds inc-reased by 4.4 per cent from January.

Figures from the Invest-ment Management Associ-ation show that net retail sales for last month rose to £679.2m from £650.6m in January, with net Isa sales up by almost 16 per cent to £319.3m from £275.6m.

However, this represents a 51 per cent drop on last February&#39s figure of £646.8m.

IFAs&#39 share of the Isa market remained low in February, staying at the same level – 35 per cent – as it was in January.

Tied channel sales were down slightly to 37 per cent from 40 per cent, with the direct channel up to 27 per cent from 25 per cent.

The UK all companies and UK equity income fund sectors were the most popular among IFAs, accounting for 23 per cent and 14 per cent respectively of total intermediary sales.

Corporate bond funds remained the most popular in the tied channel, accounting for 32 per cent of sales.

IMA head of communications Clare Arber says: “It is still early days yet but these figures are showing clear signs of a rising trend. With the end of the tax year in sight, investors are reorganising their port-folios, with some showing renewed confidence in the stockmarket as a long-term investment.”

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