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Net ISA sales rise above average

Net ISA sales soared above the monthly average in August, figures suggest, hitting the £177 million mark.

In the year to date, net ISA sales have totalled £3 billion.

The latest monthly fund statistics from the Investment Management Association (IMA) show that August's net ISA sales topped the monthly average of £156 million for the previous 12 months, excluding the traditional ISA season of March and April.

Meanwhile, with regards to UK domiciled funds, August saw net retail sales rise above and beyond July's £938 million to £1.1 billion.

Jane Lowe, director of markets at the IMA, said: "Despite volatile markets in August, net retail sales of funds remained steady, with investors adding £1.1 billion to their portfolios. Interestingly, investor appetite for equities was strong in August, with net retail sales of £515 million."

Copyright © Press Association 2011

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