Press Release Summary: Sales of retail funds and \'tax-advantaged\' Individual Sales Accounts (ISAs) slumped down to their lowest level since the start of this year.
Press Release Body: London (Longdogfinance) July 29, 2008: Against the background of sagging investor confidence-and also the weakening stock markets-net sales of ISAs fell to their lowest levels this year.
Coming down from 747.8 million pounds a year ago, the net retail sales funds fell to 139.5 million pounds in June this year. It was a very sharp dive from the May figure of 652.6 million pounds. Investment Management Association (IMA) has put these disappointing figures.
ISAs have suffered worst fate in the recorded history this year, because the funds have seen outflows of 209.9 million pounds, which happens to be the worst performance since 302.2 million pounds outflow witnessed in January. Falling sales come against the background of tough conditions faced by the stock markets. After going through a surge to reach up to 6300 mark in May, the FTSE fell quite drastically by 100 points in June to reach a disappointing figure of 5100 in July.
The big British \'All Companies\' sector went through the largest net retail outflows at 164.7 millions. On the other hand net retail outflows in the property sector stood at 14 million points. While the total management funds came down to 425.2 billion pounds from the May figure of 453.7 billion pounds.
\"Net retail sales of both onshore and offshore funds returned in June to the subdued levels of earlier in the year. The exception was the new absolute return sector,\" IMA Chief Executive Richard Saunders told, adding, \"Taken with the continued outflows from equity funds, this clearly demonstrates the limited risk appetite of investors at the moment.\"
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