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Supermarkets take 25% of fund Isa sales

Fund supermarkets put themselves firmly on the distribution map in the first quarter of this year, accounting for around 25 per cent of investment fund Isa sales.

Isa sales figures between January 1 and April 5 – reported by Cofunds, FundsNetwork and Skandia – totalled about £430m. Complete industry Isa sales have not yet been compiled but are expected to be around half of last year&#39s £3.4bn.

Initial indications are that Fidelity maintained its title as the UK&#39s biggest Isa provider, with reported sales of £365m for the quarter, down by around 17 per cent on last year.

Credit Suisse Asset Management saw its best-ever quarter of fund sales and Schroders has seen gross sales of investment funds rise by around 40 per cent on the same time last year. New Star, which launched last summer, has raised £250m in both Isa and non-Isa business during the first quarter of the year and Jupiter took £340m.

Aberdeen had another difficult year. A recent Stock Exchange announcement warned that retail sales for the tax year looked set to be down by around 45 per cent on 2000/01, which was in turn down by 40 per cent on the previous year.

Jupiter joint managing director Steve Glynn says the Isa market did not see the same levels of last-minute buying this year. He says: “Certainly, the business levels in the last few days were higher than the previous weeks but nothing significant enough to make up for the shortfall this year.”

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