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31 Oct 2012

Investors Withdraw £48.9 Million From ISAs In September

ISAs suffered an outflow of £48.9 million last month, the third outflow in a row in the second half of the year, new data from the Investment Management Association showed on Tuesday.

The outflow in September compared with net sales of £127.1 million in the same month last year.

The top-performing sector for ISAs last month was domestic strategic bonds, which saw net retail sales of £20 million. It was followed by Mixed Investment Shares 20-60% Shares with net retail sales of £16 million and global equities with £12 million. The worst-performing sector for ISAs was UK All Companies, with investors withdrawing £94 million in September.

Overall, net retail sales in September amounted to £1.1 billion, the strongest result since May when they added up to £1.3 billion. Equity was the top asset class last month, with net retail sales of £541 million, surpassing fixed income for the first time in a year. Fixed income saw net retail sales of £320 million in September. The property asset class recorded net retail sales of £82 million, the highest since June 2011 when they amounted to £100 million.

Gross retail sales for wealth managers, stockbrokers and independent financial advisers added up to £4.1 billion last month, giving “other intermediaries” a 49% share of the market, compared with 51% in September 2011. Direct gross retail sales totalled £693 million, equal to an 8% market share, down from 11% last year, while gross retail sales through UK fund platforms took a 43% market share with gross retail sales of £3.6 billion.

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