Net Isa sales down more than 50% on last year

Net sales of investment fund Isas during March 2003 were £411m, down from £839m a year earlier, acco...

Net sales of investment fund Isas during March 2003 were £411m, down from £839m a year earlier, 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 fund Isa sales in March were made directly. Sales forces and tied agents were responsible for 47% of Isa sales, while intermediaries sold 27%.