Gross sales of ISAs through investment platforms have touched a new high of £1.3 billion in April 2011, data released by Investment Management Association (IMA) shows. This is the highest monthly figure since record keeping began in 2008.
IMA recorded net retail sales of £2.4 billion in April 2011, 33 percent higher than its last twelve months average sales of £1.8 billion. ISA sales had the highest proportion among all products sold through investment platforms and accounted for 39.1 percent of all sales.
Funds under management for investment platforms also touched a new high and were recorded at £112 billion in April.
IMA’s monthly fund statistics showed investment in equities remained investor’s favourite with a net retail sales of £1.1 billion in April.
This is the second time in the last twelve months that equity sales have surpassed the £1 billion mark. Also April is the sixth month on trot when equities have emerged as the leader among all asset classes.
Bonds (Fixed income) took the second spot and total sales were recorded at £516 million for April, broadly in line with the previous twelve months average of £497 million.
“April’s statistics reflect a strong 2011 Isa season, with Isas accounting for about half the £2.4bn investors added to their holdings”, said Richard Saunders, chief executive of IMA.
“Fund platforms reported their highest gross Isa sales on record in April, at £1.3bn. Equity funds remained the top choice for retail investors, with April’s sales surpassing the £1bn mark for the second time in the past twelve months. Investors continue to favour strategic bond funds. For the fourth month running, the strategic bond sector was the best selling IMA sector in April, accounting for 39% of gross bond sales”, he added.