Despite cticism of individual saving accounts(ISAs), net sales in December were nearly double those achieved by personal equity plans (PEPs) a year ago, reports The Daily Telegraph.

The Association of Unit Trusts and Investment Funds (Autif) reported a record year for the fund management industry in 1999. It said net retail sales were £14.3bn, a 66% increase on 1998. Sales of £1.1bn in December, compared with £568m in December 1998, contributed to the advance.

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ISAs sales outstrip PEPs

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