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New style ISAs, pension reform and an improving UK economy set the scene for a good start to the third quarter of the year for platforms. July was a bumper month, but the summer holiday season, growing economic uncertainty and the Scottish vote eventually took their toll on the quarter’s flows.
Total platform assets under administration rose by £9.7bn to £326.4bn, a rise of 3.2% on the previous quarter, but 19.3% on the third quarter of 2013. Gross sales for the first three months of the year totalled £19.4bn, up 13.6% on like-for-like sales in 2013, but down on last quarter’s £21.2bn. It was the same for net sales, which rose by 3.9% to £9.4bn relative to the third quarter of 2013, but were down 15% quarter on quarter.
Click here to read the rest of the press release.
Fundscape has just published Navigating the post-RDR landscape in the UK, a report commissioned by Alfi to assess the impact of RDR on the UK and its potential impact (in the form of MiFID2) on the European fund industry. It is available to all industry professionals at no charge.
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