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The Daley Update

u M&G&#39s first-quarter results show Isa sales are down by around 25 per cent on last year. M&G said it was unable to reveal precise Isa figures but total sales for the quarter, including non-Isa sales, were £250m compared with £303m last year. Deputy managing director of UK retail Phil Wagstaff says M&G has still increased its share of the IFA market to 6 per cent from 4 per cent last year.

u Gartmore is cutting the initial charge on its monthly income trust by half to 1.5 per cent until April 30. The discount applies to all lump-sum investments into its ISAit scheme. Commission is 3 per cent initial and 0.5 per cent renewal.

u SG Asset Management set up its corporate bond fund this week. A backlog of applications at the FSA delayed final approval of the bond. Initial charge is 3.5 per cent.

u Old Mutual Asset Managers has appointed Luke Kerr as assistant fund manager with its UK equities team. Kerr joins from Arthur Andersen.

u Framlington is offering a 1 per cent discount on its UK growth fund until the expected date of the general election on June 7, cutting the charge to 4 per cent.

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