Isa sales up despite outflows

Outflow of funds year on year despite strong growth in sale of isas during first quarter

Despite a 30% surge in first quarter Isa sales, year on year, the industry still suffered its first quarterly net outflow since 1992. This was due to repurchases outstripping net new money and institutional investors divesting £2.2bn, leaving the market down £85.3m on the quarter, according to the Pridham Report. That said, Isa sales growth of 28% year on year, at £1.7bn, provided some encouragement to the industry. Halifax remained the biggest seller of Isas during the 2004 season, followed closely by Fidelity, Legal &; General (L&;G) and Scottish Widows. Halifax took in some £155.6...