ISA sales hit nine year high
by Gill Montia
Story link: ISA sales hit nine year high
New data from the Investment Management Association (IMA) reveal that April sales of Individual Savings Accounts (ISAs) were at their highest for nine years.
ISA limits increased from £7,200 to £10,200 in April 2010, when sales totalled £1.2 billion, having leapt 63% on a year earlier.
The IMA also reports that April ISA sales accounted for well over a third of sales made by the five leading Fund Platforms that provide it with data: Cofunds, Fidelity, Hargreaves Lansdown, Skandia and Transact.
The research indicates that Fund Platforms’ market share has shown significant growth over the past two years, with the five major Platforms now having £91 billion in funds under administration, up 49% in the last 12 months.
IMA chief executive, Richard Saunders, comments: “April had the highest net retail sales so far this year – and funds under management once again reached record levels”.
He adds: “Our figures now offer new information on Fund Platforms, product wrappers and more detail on Sectors, especially ISAs.
“The new figures provide insight into the growing market share of Fund Platforms, and in particular show that they dominate the sales of ISAs.”