Net ISA sales in March – traditionally one of the busiest months of the year - were £839m compared with £1.2 billion in 2001. Sales during April 1st – 5th – the final week of the tax year – were £382m compared with £633m in 2001.
Fund supermarkets are taking up an increasing proportion of these sales; increasing from 15% in February to 22% in March. Such figures have only become available recently as most management groups record them as institutional sales.
The IMA figures also showed that the Corporate Bond and Equity Income sectors became relatively more popular in March 2002 than in February or in March 2001. The Europe ex UK
sector experienced a relative drop in popularity.
Funds under management in unit trusts and Open-Ended Investment Companies (OEICs) were at £242 billion at the end of March 2002 compared with £235 billion at the end of 2001 and £271 billion at the end of the third quarter of 2000. The medium term decline reflects the fall in the value of global stockmarkets over the past two years rather than net redemptions from funds.
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