Last week we published the quarterly Platform Report, which attracted much attention. Total industry assets now stand at £267bn, and although it was the quietest quarter of the year, gross and net flows were pretty robust at £17bn and £8.9bn. (Download press release here and 60 second reviews here).
Market sentiment is driving sales, which is good for the platform industry, but RDR has also been a boon for platforms. The Distribution report is due out early next week, but we can reveal that platform market share jumped yet again and now stands at over 51% — a significant change considering their market share of 41% in Q4 2012.
In today's busy world, executives need to understand the quarter's key trends quickly. Fundscape's 60 second reviews for the platform and fund industries provide senior management with the succinct information they need. Download the platform review here and the fund industry review here. If you have any queries, get in touch at info@ fundscape.co.uk.
The summer period is usually one of the quieter quarters of the year, but an improving economic outlook and the ongoing effect of the Retail Distribution Review (RDR) led to a bumper quarter for platforms. Total platform assets under administration were £267bn, up 7% on the second quarter, and comfortably ahead of FTSE All Share growth of 5%.
The largest platforms by assets under administration are Cofunds, Fidelity and Hargreaves Lansdown*. In terms of percentage growth, however, the fastest growing platforms in the third quarter were Nucleus with growth of 8.8%, Ascentric with growth of 8.7% and in joint third place, Axa Elevate and Cofunds with growth of 8.5%.
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