Investors shrug off uncertainty as ISA flows increase

Following a stilted first three months of the year, ISA sales picked up in the second quarter despite the ongoing uncertainty in Greece and traditional summer volatility.

In terms of gross sales, BlackRock was out in front with £2.4bn, followed by Standard Life Investments and Invesco Perpetual on £2.3bn and £2bn respectively.

SLI’s rising inflows also saw it feature at the top of the net table, with the firm’s Standard Life Global Absolute Return Strategies Fund and MyFolio range driving net sales of £961.4m.

Woodford Investment Management and Old Mutual Global Investors took second and third on £750m and £401m respectively, with the latter’s OM UK Alpha Fund propping up its gross and net sales figures.

Inflows into mixed assets propositions was a consistent theme across the managers, with Legal & General Investment’s Multi Index range and multi-asset specialist Seven Investment Management both experiencing rising sales.

Helen Pridham, Pridham Report editor, said: “Among the top ten groups for gross and net retail sales, there was an almost even split between those which saw their business increase and those which saw a decline.

“Targeted absolute return and multi-asset funds are becoming increasingly popular and those groups which get it right are being rewarded. Pensions freedom is likely to be underpinning this trend.”