IMA reports higher April Isa sales

Isa sales reached a nine-year high in the UK during April, it has been reported.

The Investment Management Association IMA reports that net inflows into such accounts stood at £1.2 billion during the month.

A 63 per cent increase on the equivalent month in 2009 was recorded, as sales enjoyed their best April since 2001.

Meanwhile, the 2009-10 financial year saw the highest number of Isa sales since 2001-02, the IMA reported.

Richard Saunders, chief executive of the organisation, said April had the highest net retail sales so far this year "and funds under management once again reached record levels".

He commented: "For the previous 12 months, fund sales have averaged over £2 billion a month and during this time total funds under management have increased by 38 per cent."

From this year, consumers are able to place £10,200 in Isa accounts, compared to £7,200 last year.

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2010-06-09 13:42:46 © Moneyextra.com