May improvement for UK ISA sales.

ISA net retail sales were double their monthly average in May, hitting £131 million, but they were still lower than the May 2011 reading of £539 million, Investment Management Association (IMA) figures show.

The figures also suggest that net retail sales of UK domiciled funds remained above £1 billion for the fifth consecutive month in May, hitting £1.2 billion.

IMA chief executive Richard Saunders said: "Investors have continued to add more than £1 billion to their fund holdings every month so far in 2012. This is an encouraging level of sales, particularly after the slow second half of 2011."

He added: "Bond sectors were the best-selling sectors with '£ Corporate Bond' comfortably securing the top spot in May.

"The fixed income asset class as a whole saw sales at their highest level since September 2010."

Copyright Press Association 2012