20 February 2009

Brewin Dolphin, the UK’s largest independent private client portfolio manager, has achieved an increase in ISA sales and is currently on track to have another record year with current subscriptions totalling over £91 million.*

This represents a 10% increase in new funds in Brewin Dolphin ISAs over the amount invested this time last year and bucks the trend revealed by recent ISA sales figures for the industry.

Statistics from the Investment Management Association (IMA) show that in December 2008 net sales of ISAs were at their lowest since their introduction ten years ago with outflows of £1.6 billion and almost a 700,000 drop in the number of those holding ISA accounts compared to December 2007.**

Charlotte Black, Director of Corporate Affairs at Brewin Dolphin commented, “We urge investors to think carefully about using their tax free allowance this year. The ISA provides one of the few tax breaks for savings. 

"Cash ISA’s certainly seem a poor bet this year given that the interest rates have dropped to almost nothing. However, taking up a stocks and shares ISA, with a long term view and when share prices are certainly lower than they have been, has historically proved to be a prudent move. Of course unlike cash ISAs, the value of stocks and shares will rise and fall, but it is also possible to invest in corporate bonds or hold the funds in cash in the ISA wrap, until deemed safer to invest in riskier but potentially more profitable assets. But certainly better to use the allowance than lose it.”

"Our clients’ ISAs are managed in line with the agreed investment strategy for their portfolios and given the recent volatility of the stock market we are constantly reviewing our investment stance. The theme that has dominated the recent influx is certainly defensive.”

- ends-

* Source:  Brewin Dolphin 06/04/08 – 18/02/09
** Source: Investment Management Association www.investmentuk.org 

For further enquiries please contact the Press Office on 0845 213 3026