Net retail sales were £742.2m in May 2003 compared with £834.3m in May 2002. Sales were also down on April 2003 but that was a normal seasonal decrease as there is generally a surge at the end of tax year.
The most popular retail sectors last month were UK Corporate Bonds with sales of £593m and UK All Companies at £442m. Together they accounted for just under half of total gross retail sales. The worst selling retail sectors were Europe Excluding UK and Global Growth.
Intermediaries accounted for £514m of the £742m net retail sales. The next most important sales channel was sales forces and tied agents which accounted for £305m.
Sales direct from the public suffered net redemptions of £81m.
On a more positive note funds under management in Individual Savings Accounts (ISAs), at £26.5 billion, were at the highest level since they were introduced in 1999. But this can probably be accounted for by the rise in the markets and the fact that ISAs are a relatively new vehicle so redemptions tend to be low.
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