The Investment Managers Association (IMA) has released figures for October showing that sales for ISAs and Investment funds fell in October when compared to September. Net fund sales fell from £597m to £591m i.e. 1% whereas ISAs fell 15% on the previous month.
Our view
Not surprising, many people were chasing the bottomed out market that was in a steady rise from March through to September and now things appear to have settled again with a flat line stockmarket for October and November – investors and advisers are shrewder than most commentators give them credit for and profit take when they can!