Platform industry suffers worst Q2 sales since 2010

Net sales plummet to £5.5bn

clock • 2 min read

Platform sales failed to pick up, even as the tax-year-end approached, between April and June this year, making it the worst second quarter since 2010.

According to Fundscape's latest edition of The Platform Report, sales were a "bloodbath" with gross sales rising to £34bn compared to Q1 2023, but with net sales plummeting to £5.5bn from £9.4bn. This took the net-to-gross ratio to just 16.4% (down from 26.8% in the previous quarter) making it the worst second quarter for platform sales for 13 years. Looking at individual companies, Aegon enjoyed the highest gross assets for Q2 (£8.6bn) as well as the first half of the year (£18.6bn), while also coming in top for net sales in H1 2023 at £3.6bn. However, AJ Bell scored the highest n...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Platforms

Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Net new business slows to £1bn

Valeria Martinez
clock 22 February 2024 • 2 min read
Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Platform concerns over investor protections

Valeria Martinez
clock 17 January 2024 • 3 min read
FCA raises alarm on platforms' handling of customer cash interest

FCA raises alarm on platforms' handling of customer cash interest

Cracks down on ‘double dipping’

Sahar Nazir
clock 12 December 2023 • 1 min read
Trustpilot