Overall platform assets declined by 2.3% to £163.9bn in the third quarter as the eurozone crisis took its toll. However Axa Elevate, Nucleus and Ascentric bucked the trend.
Despite the summer of discontent, gross sales rose by 1.4% to £12.5bn relative to the previous quarter, but net flows were down slightly (-0.7%) to £7.5bn. Sales would have been a damp squib were it not for Cofunds with gross flows of £4.6bn and net flows of £3.3bn.
Fundscape's latest Pridham Report (Q3) showed that sales plummeted over the third quarter. Most asset managers saw their business decline, but some did well in key fund areas. M&G retained top position in the retail sales chart for a recordbreaking 12th quarter as its bond funds returned to favour again.
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The latest Pridham Report is out now and shows that fund groups paddled hard to stay ahead in the second quarter of the year. M&G topped the rankings for the 11th consecutive quarter. To download the press release click here.
The latest issue of Fundscape's confidential quarterly Platform Report showed that assets rose by 6% during the quarter, reflecting the more difficult market conditions. But gross and net sales rose by considerably more. Gross sales were £12.1bn up 10% on the previous quarter, while net sales were £7.5bn, up a whopping 17% on Q1's figures.
To see the full press release click here.