ISA sales surged in April to hit new nine-year high

THE investment Management Association’s (IMA) monthly fund statistics yesterday ISA sales in April were their highest for nine years while bonds remain the leading asset class.

The statistics give new detail on retail sales channels and information on Fund Platform transactions. They also revealed that fund platforms’ market share of funds under management is increasing and they account for the majority of reported ISA sales.

IMA chief executive Richard Saunders said: “April had the highest net retail sales so far this year and funds under management once again reached record levels. For the previous 12 months, fund sales have averaged over £2bn a month and during this time total funds under management have increased by 38 per cent. April’s ISA sales are the highest monthly figure we have seen since 2001.”

Net retail sales were £2.3bn – the highest of any month this year and the highest month since November 2009.