March Isa sales down 51% on previous year

Expectations of a bleak 2003 Isa season proved well founded, with net sales of investment funds for ...

Expectations of a bleak 2003 Isa season proved well founded, with net sales of investment funds for March less than half those for the same period last year. At £411m, the March net sales figure was just 49% of the £839m net sales figure produced in the previous year, according to the IMA. Net Isa sales were £760m in the first quarter of 2003, just over half the £1.4bn sold in the first quarter of 2002. Gross investment fund Isa sales were £1.3bn, down from £1.8bn for the first three months of 2002. Almost a quarter of Isa sales in March were direct. Sales forces and tied agents we...