ISAs hit 9-year peak as savers target equity markets

ISAs make up 18pc of all authorised funds under management in the UK. Savers can currently invest up to �10,680 a year in the tax-efficient products, which can either be invested into stocks and shares, or partly in cash, with the remaining balance in stocks and shares.

Jane Lowe, director of Markets at the IMA, added: "The last two tax years have together seen a big jump in ISA inflows to more than �7.5bn. This coincides with two increases to the annual allowance in October 2009 and April 2010 and compares starkly to ISA outflows of over �5bn over the preceding five years.

"In terms of net retail sales equity funds have remained the top choice for retail investors over the last five months."

Elsewhere, the IMA revealed that UK domiciled funds under management grew to �583.2bn at the end of the tax year, from �509.9bn a year earlier.

In March, the leading asset class was equities with net retail sales of �739m, the fifth consecutive month that equities outsold bonds. Bonds had been the most popular asset class throughout the previous four months. In terms of distribution, �5.4bn worth of sales were made through intermediaries in March, �4.2bn through "fund platforms" and �1.1bn through direct channels.

Alan Easter, director of advisory Willis Owen, said: "These figures show that ISAs are clearly still valued by investors, which is good news given how tough conditions are at the moment. Despite the squeeze on finances, more people are attracted by the tax-free wrapper that investment ISAs offer, and the potential for growth, rather then leaving their savings sitting idly in a low-interest bank account."

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Robert Vietze, JetBlue Passenger, Pees On 11-Year-Old Girl On Flight (UPDATES)

UPDATE, 8/16: The teenager allegedly caught urinating on a young girl on a JetBlue flight last week was actually relieving himself on the floor, claims the girl's family.

According to The Oregonian, the family released a statement that Robert Vietze was actually peeing on the floor next to their daughter's seat ? not on their daughter.

"While family members have cooperated with authorities in the investigation, they neither welcome nor encourage further publicity," The Oregonian reports. "The family's main concern is the welfare of their daughter."

After being taken into custody Wednesday, Vietze was issued a federal summons for misdemeanor indecent exposure. If convicted, he could face a $1,000 fine and up to a year in prison.

Before flying, Vietze admittedly consumed five to six beers and two rum and cokes before boarding his flight. The alcohol apparently "hit him" while in the air, and he walked to seat 15A (where the girl was sitting) and relieved himself. When confronted by the girl's father, Vietze said "he had an accident," reports the paper.

--------
UPDATE, 8/12: 18-year old Robert Vietze was a member of the U.S. Ski Team. He has seen been kicked off the team. He is (was) considered one of the most elite skiers in the nation.

The New York Post reports that Vietze was returning from a training camp at Oregon's Mount Hood when the incident occurred. Vietze was in the running for the 2014 Olympics, but is name was removed from the team's development roster on Thursday.

"We have no comment, nothing to say," Vietze's mother told reporters outside their Vermont home.

The kicker? Turns out the girl was with her father, a Stage 4 cancer patient, and sister on the way to visit her grandmother in Long Island for the first time since her father's diagnosis.

--------
PREVIOUSLY, 8/11: A drunk male passenger was caught peeing on a sleeping 11-year old girl on a JFK-bound JetBlue flight on Wednesday.

18-year old Robert Vietze of South Warren, Vermont was on a red eye flight from Portland, Oregon when he started peeing on a sleeping 11-year old girl who was traveling with her sister and father, the New York Post reports.

Vietze was drunk, having consumed eight drinks, and stumbled five rows behind him (presumably towards the bathroom?!) when he started peeing on the girl. The girl's family was using the bathroom at the time.

"I was drunk, and I did not realize I was pissing on her leg," the 6-foot-4, 195-pound Vietze told law enforcement.

The unidentified girl's father caught Vietze peeing on his daughter and started screaming, "F--- that kid! I don't want him near my family!" a fellow passenger told the Post.

Flight attendants separated the father and Vietze, whom they moved to the back of the plane. They also tried to clean up the pee with soap from the bathrooms.

Yet the already exciting flight was far from over. An hour before the plane landed, another passenger started complaining of chest pains and vomited. The pilot addressed the plane, asking "Is anybody on this flight a nurse or doctor? We have a medical emergency." Yet no one stepped forward so flight attendants worked to keep him calm.

A witness told the Post that the pilots "kept coming out of the cockpit to talk to the flight crew about what was going on."

Six Port Authority cops greeted the plane when it landed at 6:30am. Two helped the sick passenger while four carted Vietze into custody.

Vietze has been issued a federal summons for indecent exposure.

This is not, surprisingly, the first time a passenger has peed on another under the influence of alcohol. Back in June, a drunk New Zealand man on a Jetstar flight from Auckland to Singapore peed on the plane's carpet, a man's leg and a woman's scarf after drinking whiskey out of Burger King cups with friends. The man, Michael Aitkin, eventually came forward and apologized profusely to his fellow passengers for his actions.

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Hotel Check-In checks into London hotels

By Barbara De Lollis, USA TODAY

Greetings from London!

I arrived here this morning for a six-day, whirlwind tour of London's many new (St. Pancras Renaissance), newly renovated (The Savoy) and in-the-works hotels (Edition).

In the four hours since I landed at Heathrow, I've toured the InterContinental Park Lane, which is in the midst of improvements, and the Dorchester in London's upscale Mayfair district. This afternoon, I'll hit the Four Seasons at Park Lane to see its extensive renovation and meet with Four Seasons executives.

For the rest of my stay, I plan to hit both traditional districts such as Mayfair and Kensington, as well as up-and-coming areas such as Shoreditch, a once rough-and-tumble area that in recent years has become a hip destination.

Some of the hotels I'll tour and/or check into will be relatively easy on the wallet, and perhaps would make a great base for the 2012 Summer Olympics (Mint Hotel Tower of London) or for a limited-budget business trip. Others will clearly be luxury, budget busting hotels suitable for big-ticket business trips or a personal splurge.

After jogging around Hyde Park, which is just steps outside my room at the InterContinental Park Lane, here are the hotels I plan to tour over the next few days:

St Pancras Renaissance Hotel: Hotel Check-In's getting an exclusive, pre-opening tour of what may be the most-buzzed-about hotel in London. Locals can't wait to see what designers have done with the landmark, red-brick High Victorian Gothic building (photo above). Owners spent an incredible $325 million making over the dramatic structure. I'm guessing it will be the flagship for Marriott's Renaissance, which former W exec Tina Edmundson's been trying to transform. The hotel's official opening party isn't until May.

(When I posted the historic photo above of the Gothic St. Pancras structure, Facebook buddy Jim Shriner wrote on my Facebook page, "Love it! Another addition to our bucket list!")

Four Seasons at Park Lane: This hotel in the heart of London's prestigious Mayfair district has undergone a major revamp, complete with a rooftop spa with treetop views of Hyde Park and a rooftop spa.

Hoxton Hotel: This trendy hotel prices its rooms like Ryanair, so the further advance that you book, the cheaper the price. Each night, the hotel actually sells five rooms to guests at just one pound each.

W Hotel: Starwood's trendy W chain recently made its debut here with in Leicester Square. The hotel, in the city's equivalent of New York's bustling Times Square, plays up its fashionista reputation with a dramatically dark, nightclub looking lobby. The hotel scheduled to throw its splashy, celeb-filled opening party in a week and a half.

Kensington Hotel: This chic hotel belongs to the Doyle Collection, a small, Ireland-based luxury boutique chain that has a relationship with Omni Hotels through a global loyalty program. Luxury rooms start at $220 a night, which is on the inexpensive side for pricey London.

Edition Hotel: Ian Schrager's creating another Edition, his luxury boutique hotel venture with Marriott International, in a 175-year-old building. Most recently, the building housed the Berners Hotel, whicht closed in 2006.

Readers: Any other suggestions for me while I'm in town?

Posted Mar 9 2011 9:27AM

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Royal wedding gives kiss of life to British stocks

But can this latest wave of "cool Britannia" rub off on other, less glamorous British companies?

Justin Urquhart Stewart of Seven Investment Management thinks so. "Events like the wedding give a short-term boost to some companies. It helps to reinforce a positive view of the UK," he said.

It wasn't just haute couture brands that benefited, he added. Diageo, the drinks manufacturer, led the way with high-end goods - in this case with spirits such as Tanqueray gin and Johnnie Walker whisky. This company, he said, is still a good investment, not least because its products are so popular worldwide.

"We tend to have a negative view of the UK. But it is often very different overseas," Mr Urquhart Stewart said. "We take for granted our stability and our heritage, but many successful UK companies trade on that, and events such as the recent wedding and the Olympics will help bolster this view."

As with all investment decisions, diversification is key. Mick Gilligan of stockbrokers Killik & Co said: "There are UK companies and UK funds that look undervalued and could be a good investment bet."

One company Mr Gilligan likes is Cobham, the engineering firm that designs and manufactures aerospace and defence systems. While it might not seem to have much in common with handbag retailers, both rely on overseas demand to drive profits.

He is also positive on Tesco, again thanks to its expansion overseas. But given the current economic climate at home, he is bullish only about food retailers, so isn't currently tipping that other classic British brand, Marks & Spencer.

Looking closer to home, Mr Gilligan said both Lloyds Banking Group and National Grid had the potential to deliver good investment returns and grow their dividend streams. "Lloyds looks like a pretty cheap stock considering it has 30m customers."

For most investors, buying individual shares remains a high-risk game. Funds are more diversified, and there are a wide range investing in British companies. But, as Mr Urquhart Stewart pointed out, don't assume that investing in a FTSE 100 or FTSE All-Share fund means you are "buying British".

London is a very international stock exchange, he said, with more than half of the profits generated by FTSE-listed companies coming from overseas. "In many ways it is a commodities and mining index. This goes back to our strengths: stability, compliance and corporate governance. Would you rather put your money with a Kazakhstan mining start-up or a big international mining company that is listed in London but operates mines in that region?"

Ben Yearsley of Hargreaves Lansdown said: "Over the long term I believe emerging markets will have the growth story. But the UK market, particularly larger blue chips, remains attractive for those seeking less volatile investments and wanting to secure a dividend income."

He added: "Short term, the UK market does look cheap." Darius McDermott of Chelsea Financial Services said: "UK and global markets have had a strong run. While the UK economy may be floundering, stock markets do not move in line with GDP, and investors shouldn't forget there are many great British companies making things that the parts of the world with stronger growth need." The relatively weak pound has helped facilitate this.

There are funds that focus on "buying British". Unicorn Asset Management's �8m Outstanding British Companies fund has delivered a 52pc return over the past three years, against an average 15pc in the UK All Companies fund sector. Over the same period the FTSE All-Share delivered a 17pc return.

The fund usually holds between 30 and 50 British stocks. A spokesman said: "These are British companies providing niche services or products in areas where there is a high barrier to entry."

Among its bigger holdings are Advanced Medical Solutions, which makes skin glue. The fund also invests in Domino Printing, a hi-tech company that prints expiry dates on eggs, Rolls-Royce and Devro, which manufactures sausage skins.

Fund manager John McClure said: "People say British industry is dead, but our performance to date indicates that this is not the case. Most of the companies we invest in derive the majority of their revenue overseas.

"This is because we don't believe that GDP growth is coming from the UK, but companies here are well positioned to benefit from growth in other regions."

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Russia's Far East? Yep, you can cruise there, too

By Gene Sloan, USA TODAY

Tired of the same-old cruise ports in the Caribbean and Europe? Here's something different: A voyage to Russia's Far East.

Orion Expedition Cruises has announced plans for two new expedition sailings in the region to kick off on June 18 and June 28 on its newest ship, the 100-passenger Orion II.

The 10-night "Natural Treasures of the Russian Far East" voyages will begin and end in Sapporo and Petropavlovsk, Russia (which both have international flight access) and follow a string of 32 volcanoes that stretch across the Bering Sea, known as the Northern Ring of Fire.

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Orion says passengers will have the chance to a climb a caldera wall to a hydrothermal field with hot springs and sulphur crystals, and visit local markets in seaside villages, among other outings. Native wildlife also will be a top draw, including arctic foxes, whales, seals and some of the world's largest eagles, the line says. The Orion II carries a fleet of small Zodiac boats to take passengers into locations larger ships cannot access to watch wildlife.

The region's attractions include the rugged Kamchatka Peninsula and the sparsely-populated Kuril Islands, and Petropavlovsk is home to picturesque Russian Orthodox churches and one of Russia's few remaining statues of Lenin.

Founded in 2004, Orion is an Australia-based expedition cruise company that offers adventure-focused trips to Antarctica, Papua New Guinea, Borneo and other off-the-beaten-path destinations.

Fares for the Russian Far East voyages start at $6,930 per person. More information is available on the line's website, orionexpeditions.com.

Cruise Loggers, would a cruise to Russia's Far East interest you? Share your thoughts below.

Posted Mar 9 2011 7:33AM

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Celebrities Offer College Scholarships to Talented, Star-Struck Teens

Is your child like my 13-year-old daughter who's dying to star on the Disney Channel? Or perhaps you've got a son or daughter who swears up and down he's the next Jay-Z or she's the next Beyonce-in-the making?

He or she may have some true talent and probably thinks that winding up in Hollywood or on Broadway is a foregone conclusion. You, on the other hand, may just want your child to keep hitting the books and be able to go to college without taking out a ton of student loans.

Fortunately, your dreams of making sure your child gets an affordable higher education don't have to clash with your son or daughter's aspirations to become rich and famous.

In fact, the two goals could compliment one another thanks to a number of celebrities -- alive and dead -- who have funded college scholarships to talented students determined to make themselves a household name.

According to the college financing website, FastWeb.com, a host of celebrity-sponsored scholarships could be just the ticket to help your child on his or her way to stardom -- and ease your worries about paying for college.

Here's a sampling of those scholarships, according to FastWeb:

Michael Jackson Scholarship
Michael Jackson wasn't just a music legend. He was also a large benefactor to scholarship funds, particularly to the United Negro College Fund (UNCF). The Michael Jackson Scholarship, available through UNCF, is open to undergraduate and graduate students majoring in the arts and communications. Applicants must have at least a 3.0 GPA. Award amounts for the Michael Jackson Scholarship are available for as much as $5,000 and the deadline typically occurs in February. Check here for more information.

The Christopher Reeve Award
More than just Superman, Christopher Reeve was super at giving back. In order to qualify for the Christopher Reeve Award, students should be nominated by a non-relative who must detail the student's community service efforts in the application. The Christopher Reeve Award is worth $1,000; nominations are accepted between September 1 and October 31 each year. Check here for more information.

i.am Scholarship
Will.i.am, a member of the popular music group, the Black Eyed Peas, began the i.am Scholarship in 2009 to help students fulfill their dreams of going to college. In 2011, in conjunction with College Track, the i.am scholarship will support the inaugural class of i.am College Track scholars. Additional information can be found here.

Letterman Telecommunications Scholarship
The David Letterman Telecommunications Scholarship is open to full-time students who are telecommunications majors or minors. While grades are not a criterion, applicants must have a goal to become a professional in the telecommunications industry. The scholarship recipient will receive $10,000 toward their education. The first runner-up will receive $5,000 and the second runner-up will win $3,333. Look here for more information.

The FastWeb site was founded by Mark Kantrowitz, a financial aid expert and author of the new book, Secrets to Winning a Scholarship.

Kantrowitz's research shows that more than 1.5 million scholarships worth more than $3.5 billion are awarded every year, including some odd scholarships that we've previously written about here at WalletPop.

And while students with good grades and high test scores definitely land scholarships more frequently than so-so students, Kantrowitz notes, "There are many scholarships that don't depend on your having a good GPA."

Some of the more well-known ones, he says, are:

• The Letterman Telecommunications scholarship mentioned above
• The Duck Brand Duck Tape Stuck at Prom Contest for creating a prom costume out of duct tape
• The AXA Achievement Scholarship for outstanding achievement in non-academic activities

For more information on these and scores of other scholarships, search the FastWeb.com scholarships database, which automatically matches an applicant only to scholarships for which they qualify based on their unique background.

Who knows? That child of yours really could be the next Willow Smith or Justin Bieber!

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Seychelles Shark Attack: Ian Redmond, British Honeymooner, Eaten by Shark

A British honeymooner was eaten by shark on Tuesday while swimming close to the shore in the Seychelles.

30-year-old Ian Redmond was swimming off Anse Lazio beach on the island of Paslin when he was attacked by a 6-foot shark, the Telegraph reports. He and his new wife, 27-year-old Gemma Houghton, had arrived on August 14th for their 2-week honeymoon.

Tourists on the beach watched as he yelled "help!" and was mauled by the shark. A tourist told the Sun, "There was a horrific amount of blood in the water and it was exactly like a scene from Jaws."

Redmond was brought to shore following the attack. He was rushed to the hospital and pronounced dead from massive blood loss.

An employee of La Reserve hotel confirmed that the couple were staying there, Sky News reports.

"Shark hunters" were flown in from South Africa to track a "rogue" shark that was thought to be in the waters. Seychelles' interior minister, Joel Morgan, ordered all beaches in the area closed and banned swimming in the area. Officials banned tourists from snorkeling or swimming until the shark is caught, the Sun reports.

Redmond's parents are reportedly en route to the island and the British High Commissioner has already flown in to comfort Redmond's widow.

The island's tourism head, Alain St Ange, sent his condolences to the family and told the Telegraph: "It was a freak accident. We are closing the beaches pending the arrival of experts from South Africa." Yet, earlier this month, a 36-year-old French man was killed by a shark on the same beach.

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Famous inflation rises and falls

In December 1923 wholsesale prices were more than 85,000,000,000pc higher than a year earlier. The highest denomination bank notes had a face value of more than 1 trillion marks. By October, more than 99pc of bank notes had been in circulation for less than 30 days

Russia - 1923

In the years after the Russian revolution, the country experienced social and economic turmoil. Some economic historians believe that the government created inflation to impoverish the better off. In 1923 inflation reached 60,804,000pc

Greece - 1944

By October 1944, 99pc of government spending was financed by printing new bank notes, rather than from taxes. Inflation peaked at 130,000pc in this month

Hungary - 1946

Hungary experienced the highest inflation ever recorded. In the peak month of July 1946, prices were doubling in little more than 12 hours. The largest denomination bank note in circulation was worth 100,000,000,000,000,000,000 pengo

China - 1945 to 1949

Civil war began in 1945 and military spending was high, accounting for up to 80pc of the Nationalist government's budget. Prices, measured in Chinese Nationalist Currency, rose by 2,372pc in the year to March 1948

Argentina - 1980s

During the 1980s inflation averaged 750pc a year, reaching a peak of 4,924pc in December 1989. The main cause was a persistent government budget deficit. This was financed by the country's central bank, which led to high inflation

Federal Republic of Yugoslavia - 1993 to 1994

The inflation rate peaked at 331,000,000pc in January 1994. The largest bank note in circulation had a face value of 500bn dinars

Japan - 1998 to 2005

The 1990s were known as the "Lost Decade", and the country' difficulties were linked to the large amount of debt in the economy. Prices began to fall in 1998, a process that continued for several years. By 2005, consumer prices had fallen by more than 4pc from their peak in 2005

Zimbabwe - 2006 to 2008

Inflation reached 66,212pc in December 2007, the highest in the world at that time. The highest denomination bank note had a face value of 10 trillion Zimbabwe dollars

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Two passengers injured during turbulent flight

STORY HIGHLIGHTS

• NEW: Passenger: "It felt like an amusement ride when you're going down"
• The passengers' injuries are not life-threatening, an airline spokesman says
• Ambulances meet the plane at the gate in Charleston, South Carolina
• The plane was flying from Miami to Washington

(CNN) -- A plane made an emergency landing in South Carolina Tuesday after two passengers were injured during the turbulent flight, aviation authorities said.

Ambulances met American Airlines Flight 734 at the gate after it landed in Charleston, South Carolina, Tuesday afternoon, Federal Aviation Administration spokeswoman Kathleen Bergen said.

The plane -- which had 152 people onboard -- experienced "severe turbulence" as it flew over the border between Florida and Georgia, airline spokesman Tim Smith said. Two passengers and one flight attendant asked to be examined by paramedics, but their injuries were not life-threatening, he said.

One passenger described a few harrowing moments aboard the plane to CNN affiliate WCSC.

"It felt like an amusement ride when you're going down ... We shot back up, and then we came back down, and we finally leveled off," passenger Nicole Turner said.

Mechanical inspectors will investigate the plane, which was flying in stormy weather between Miami and Washington, D.C. American Airlines was planning to send a new aircraft to take passengers to Washington Tuesday evening, he said.

CNN's Dave Alsup and Chandler Friedman contributed to this report.

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Fragile Economy Keeps Older Workers From Retirement

By Chris Farrell

For those in their 50s and early 60s the doubts start after opening the quarterly 401(k) statement. The numbers look small following a decade of measly stock market returns and bear market devastations, including a fresh jolt on Aug. 4, when the S&P 500 index swooned, extending the tumble from its peak in late April to 12 percent. Two-year Treasury note yields hit a record low, while the yield on one-month T-bills slipped into negative territory. Taken together, the economic data are sending an aging, insecure workforce a clear message: Don?t retire yet.

"Things are too uncertain," says Richard V. Burkhauser, economist and professor of policy analysis at Cornell University. "There?s no way to protect yourself from all unexpected risks except not to retire."

In the first half of 2011, the U.S. economy grew at a meager 0.8 percent annualized rate; investors appear increasingly nervous that a so-called double-dip recession is becoming more likely. Those worries were exacerbated this week by the debt-ceiling accord reached in Congress, which will seek $1.5 trillion in deficit cuts by year?s end?a particularly rocky period for the recovery.

The long-term trend toward a declining average age of retirement has reversed itself. The decline started in the 1880s and accelerated in the post World War II era, falling for men from an average age of 70 in 1950 to 62 in 1985. Yet since the mid-1980s increasing numbers of older men and women have kept working. The labor force participation rate for men age 65 has risen 43 percent over the past quarter century. For women 65 and older, the participation rate has nearly doubled over the same period, to 13.4 percent in June 2011.

ON THE POSITIVE SIDE

Working into the traditional retirement years allows savings to compound longer. Workers are healthier and better educated than earlier generations, and it?s easier to toil away in an economy dominated by high-tech gear rather than the assembly line. The financial payoff from staying on the job also comes from higher Social Security benefits. Waiting to file until the full retirement age of 66 increases the benefit by at least a third, compared with taking Social Security at age 62. Wait until age 70 to claim your first benefit check, and it?s at least 75 percent larger. "The era of earlier and earlier retirement is over, and it isn?t coming back," says Joseph Quinn, an economist at Boston College.

Sounds good. The flaw in the new job-tirement message is that America?s Great Job Machine is sputtering. The U.S. economy hasn?t done well at creating jobs for young and old workers alike, let alone jobs with decent pay and benefits. Even before the labor market trauma of the Great Recession, private sector job growth was the weakest in half a century during the business cycle expansion of the 2000s. It increased at an annual 0.6 percent rate, according to the Economic Policy Institute, a shadow of the 1.8 percent annual rate of the ?90s and the 2 percent yearly pace of the ?80s. Jobs remain scarce 26 months after the recession was declared officially over; the U.S. unemployment rate is at 9.2 percent. Much of the work that?s available doesn?t pay well, and unlike their younger workmates, older workers have little time left to climb the corporate ladder of success (or at least get a pay raise).

It?s striking how many older workers are staying on the job. The labor force participation rate?the percentage of the working age population in the labor force?for most middle-aged and younger workers is down since the recession started in December 2007. The same isn?t true for older workers. For instance, among men 55 and older, the labor force participation rate was 46.2 percent in June 2011, up from 45.4 percent in December 2007. The comparable figures for women were 34.6 percent and 33.7 percent, respectively. "Older workers feel the need to stick around," says Brad Chambers, assistant vice-president in Aon Hewitt?s talent and rewards practice. "Organizations want to retain institutional knowledge and experience."

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Tourists' Visa card spend crosses $3b mark in UAE - Khaleej Times

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The National

Tourists' Visa card spend crosses $3b mark in UAE Khaleej Times DUBAI - UAE tourism industry continues upward journey last year as tourists' spending on their Visa cards jumped to $3.1 billion in 2010, a latest study finds. New research from Visa, one of the world's leading payment solutions providers, has signaled ... 2010: The year of recovery for UAE tourism industryistockAnalyst.com (press release) UAE tourist Visa card spending up 20pcTrade Arabia British tourists are biggest spenders in the UAE: VisaEmirates 24/7 ArabianBusiness.com -The National all 10 news articles »

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ISAs hit 9-year peak as savers target equity markets

ISAs make up 18pc of all authorised funds under management in the UK. Savers can currently invest up to �10,680 a year in the tax-efficient products, which can either be invested into stocks and shares, or partly in cash, with the remaining balance in stocks and shares.

Jane Lowe, director of Markets at the IMA, added: "The last two tax years have together seen a big jump in ISA inflows to more than �7.5bn. This coincides with two increases to the annual allowance in October 2009 and April 2010 and compares starkly to ISA outflows of over �5bn over the preceding five years.

"In terms of net retail sales equity funds have remained the top choice for retail investors over the last five months."

Elsewhere, the IMA revealed that UK domiciled funds under management grew to �583.2bn at the end of the tax year, from �509.9bn a year earlier.

In March, the leading asset class was equities with net retail sales of �739m, the fifth consecutive month that equities outsold bonds. Bonds had been the most popular asset class throughout the previous four months. In terms of distribution, �5.4bn worth of sales were made through intermediaries in March, �4.2bn through "fund platforms" and �1.1bn through direct channels.

Alan Easter, director of advisory Willis Owen, said: "These figures show that ISAs are clearly still valued by investors, which is good news given how tough conditions are at the moment. Despite the squeeze on finances, more people are attracted by the tax-free wrapper that investment ISAs offer, and the potential for growth, rather then leaving their savings sitting idly in a low-interest bank account."

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Tourists' Visa card spend crosses $3b mark in UAE - Khaleej Times

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The National

Tourists' Visa card spend crosses $3b mark in UAE Khaleej Times DUBAI - UAE tourism industry continues upward journey last year as tourists' spending on their Visa cards jumped to $3.1 billion in 2010, a latest study finds. New research from Visa, one of the world's leading payment solutions providers, has signaled ... 2010: The year of recovery for UAE tourism industryistockAnalyst.com (press release) UAE tourist Visa card spending up 20pcTrade Arabia British tourists are biggest spenders in the UAE: VisaEmirates 24/7 ArabianBusiness.com -The National all 10 news articles »

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Income seekers told to go overseas

"During the financial crisis a lot of companies suspended or cut their dividend payments. During 2008 the top 10 dividend payers in the UK were responsible for more than 65pc of the total income paid of the FTSE 100 index. The concentration reached a peak when BP suspended its dividend after the Gulf of Mexico oil spill," she said.

"Although global income funds faced similar issues they still had a much larger universe to choose from. Asia in particular saw far fewer dividend cuts than Europe, Britain and the US."

Asia not only suffered least during the credit crisis, but has seen healthy levels of dividend growth in the past two years. Mr Dennehy said that dividend growth is dictated by earnings, and one region that has experienced the greatest earnings growth ? and is expected to continue to lead global growth ? is Asia.

He picks Newton Asian Income managed by Jason Pidcock as the best way to gain exposure to the region. Invested in equites from across the Asia Pacific, the fund is a third exposed to financials, with industrials, telecoms, oil and gas and technology stocks making up the bulk of the rest.

Closer to home, Europe is presenting income seekers with a growing number of options. The cyclical sectors offer the greatest dividend growth opportunities. Ms Schemmann likes banks, insurance companies, industrials and telecoms. She picks Deutsche Telekom, SKF, Atlas Copco and Zurich Finance.

Though it has historically proved difficult for US fund managers to beat their index, income seekers should not write the region off. "In another example of the UK's limitations: the US boasts 92 companies that increased dividends every year for the past 25 years ? there are just five in the UK," said Mr Dennehy. He picks M&G Global Dividend fund as the best way to exploit this potential.

He added that the global story was not just for pure income seekers either. " 'Go where the dividends grow' is a very important mantra for UK-based investors, even those focused on growth," he said. "Seventy per cent of long-term returns for the stock market are derived from reinvested dividends. Therefore if 'growth' investors sidestep equity income funds, they immediately start with a disadvantage."

As with any overseas investing, currency risk is a concern. Gains made on a US stock could be eaten up by currency conversion. But Ms Schemmann said a good fund manager can play this to their advantage. "Currency obviously plays a role when buying overseas stocks, but it can be a benefit as well as a risk. There are some fully hedged funds which counter any currency losses."

Even if you invest in a fund with a currency hedge, going global is about exposure to international markets, not swapping out of domestic stocks entirely. Peter Lawery, co-manager of the Jupiter Merlin suite of funds, said UK investors should diversify thematically rather than be hung up on geography. "You have to get to the 16th largest stock in the FTSE 100 before you get to a domestically focused company ? and that is Tesco, which is a huge overseas growth story," he said. "It is more important to ensure you have thematic diversity than to insist on overseas stocks and introduce currency risk."

For those wishing to keep their exposure to the UK stock market, Mr Dennehy likes Psigma Income and Rathbone Income. "There are some great pockets of value in the UK, which can be exploited, but there are multiples more overseas," he said.

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