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10 Oct 2012

ISAs Suffer Outflow Of £105.7 Million In August

Investment individual savings accounts (ISAs) saw a net outflow of £105.7 million in August, against an inflow of £144.7 million in the same period last year, according to the latest statistics from the Investment Management Association.

Domestic strategic bonds were the top-performing sector for ISAs in August, with net retail sales of £26 million, followed by global equity income with net retail sales of £16 million. UK All Companies recorded a net outflow of £125 million in August, making it the worst selling sector for ISAs in the period.

Overall, net investments by retail investors amounted to £23 million in August, the weakest result since October 2008, when an outflow of £490 million was recorded. The figure compares with net retail sales of £1.2 billion in August 2011. For the first eight months of 2012 net retail sales were £9.1 billion, against £15.8 billion last year.

The leading asset class in August remained fixed income, which has been the best-selling asset class for 12 months in a row. Net retail sales in the sector totalled £518 million in August. Meanwhile, investors withdrew £604 million from equities in August, the biggest outflow since November 2011.

Gross retail sales through UK fund platforms in August amounted to £3.6 billion, with a market share of 47%, up from 40% in the same period last year. Gross retail sales for wealth managers, stockbrokers and IFAs were £3.3 billion in August, representing a market share of 43%, down from 48% previously. Direct gross retail sales totalled £706 million in August, taking a 9% market share, against 12% a year earlier.

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