Markets give platforms a reprieve in 2023

Markets give platforms a reprieve in 2023

We published our headline platform figures for 2023 in early February. Today we publish stats on the top platform performers.

2023 was a bruising year for platforms and the final quarter was the worst on record with net sales of -£8m. For the second year in a row, investor sentiment has been battered by the cost-of-living crisis, the UK’s poor economic outlook, geopolitical uncertainty and the outbreak of wars. Customers and new flows have been hard to come by. But despite sluggish flows, market performance pushed assets to their highest level ever, enabling platforms to finish the year on a positive note… and better revenues!

Assets and asset growth

Indeed, several platforms recorded their highest assets under administration on Fundscape records — 7IM, Aviva, Fidelity, Morningstar, Quilter, Transact and True Potential — with both 7IM and Morningstar setting new milestones. In percentage terms, the best growth was from Morningstar and True Potential, which recorded growth rates of 26% and 23% respectively.

Fundscape Press release March 2024

Gross and net flows

Gross and net flows were well below par across the platform industry3. For all-channel business, Aegon topped for gross flows thanks to strong workplace business and AJ Bell for net thanks to a combination of advised and direct activity.

The adviser-only platform sector fared better for sales in 2023. Quilter was in pole position for gross, closely followed by Transact and Aviva. For net sales, True Potential led the field, again with Aviva and Transact not far behind.  Although these platforms have different business models, they have stuck to their knitting and delivered a great service.

The Morningstar platform deserves a special mention. Although too small to be ranked in the tables below, it was home to its best gross and net flows ever, which is quite an achievement given the dearth of sales in 2023.

Fundscape Press release March 2024

Fundscape Press release March 2024

Bella Caridade-Ferreira, CEO of Fundscape said, ‘2023 could have been a lot worse, but market performance gave platforms a well-deserved reprieve from the arid sales conditions. The period of painful economic adjustment appears to be finally coming to an end, and cautious optimism is beginning to tick up.

‘2024 should see platform activity slowly but surely improve. The ISA season is unlikely to be good, but we expect investor sentiment to improve as the year wears on, although much will depend on positive inflation and interest rates news and the impact of sweeteners in the government’s budget. With general elections on both sides of the pond, this could be a very interesting year…’

Download full press release here.

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Notes to Editors:

The Platform Report is a confidential report published by Fundscape. To subscribe to the report, platforms must contribute asset and sales data on a quarterly basis. For further information about the report and Fundscape, please visit

A total of 19 platforms are included in the analysis. Platform coverage is estimated at 98% of the platform universe.

1 Hubwise institutional assets for Q323 are estimated. Hubwise gross and net institutional flows are estimated.
2 M&G Wealth’s Q423 assets are estimated.
3 For 2023 asset and sales highlights and trends, visit:

For further information or background please contact:

Photo by Johannes Plenio on Unsplash