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IMA reports more than £2 billion in ISA sales

According to the Investment Management Association (IMA), ISA net sales via funds totalled £2.3 billion in March 2014 tax year; over £1 billion more than during March 2014.

Its figures show that £358 million of ISA sales via funds took place during the last five days of the tax year, while funds under management hit a record high of £784 billion in March. The top-selling IMA sector was shares, with sales of £285 million in March.

Daniel Godfrey, IMA chief executive, said: “Once again, there was a last-minute rush into ISAs at the end of the tax year with £358 million invested in the first five days of April alone.

“Although this is very encouraging and it is well known that there is nothing like a deadline for a tax break to prompt action, investors need to be aware that you can invest into ISAs on a monthly basis and that doing so reduces the risk of getting your timing wrong.

“Overall, fund net retail sales in March were at £2.3 billion, exceeding February’s levels by more than £400 million. This demonstrates consistent retail appetite for investment funds. The sector rankings show strong sales across a wide range of asset classes, but equity funds with an income bias remained popular.”

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