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05 Dec 2012

ISAs Suffer Third Consecutive Outflow In October - IMA

Investors withdrew money from individual savings accounts (ISAs) for the third month in a row in October, with the outflow amounting to £108 million, according to figures published by the Investment Management Association (IMA) last week.

The amount also marked a deterioration in the position of ISAs when compared to October 2011, when outflows were £16 million.

The best-selling sector for ISAs was the Strategic Bond with net retail sales of £25 million last month. It has been the top-selling sector in seven out of the previous 12 months. Global Equity Income followed behind with net retail sales of £18 million in October, while Mixed Investment 20-60% Shares ranked third with net retail sales of £15 million.

The sector with the weakest result in October was UK All Companies which saw investors withdraw £107 million.

Overall, net retail sales in October amounted to £924 million, up from the £655 million in the same period last year. Equities remained the leading asset class last month, keeping the top spot for the second month in a row, with net retail sales of £550 million, the strongest result since April 2012.

Direct gross retail sales amounted to £726 million, with its market share falling to 8%, the weakest level ever recorded, from 11% a year earlier. Gross retail sales for wealth managers, stockbrokers and IFAs added up to £4.1 billion, representing a market share of 45%, which is slightly below the 46% in the same period last year. Gross retail sales through UK fund platforms were £4.3 billion last month, a market share of 47%, which is up from the 43% in the previous year.

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