Whether within or without an Individual Savings Account (ISA) wrapper British sectors dominated retail sales. In terms of ISA sales the UK All-Companies sector was the most popular garnering 34% of gross sales. The UK Corporate Bond sector followed with 17%.
UK Equity Income was the overall best-selling sector for retail investors with over £243m in net sales [sales minus redemptions]. UK All Companies followed with £146m. The worst selling sectors were North America and Europe excluding the UK.
However, institutional investors preferred overseas markets with Japan and Global Bonds as the best selling sectors, on a net basis.
Predictably ISA sales increased from February during the run-up to the end of the tax year but the size of the increase was significant. Net sales jumped from almost £210m in February to over £495m in March. This was also a 21% increase from £411m in March 2003.
Intermediaries dominated gross retail sales, accounting for 67% of the total. However, the sale of ISAs was more evenly divided. Sales forces and tied agents sold the most, followed intermediaries and then direct sales.
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