11 Feb 2026 Santa rally pushes UK D2C assets to half a trillion
The UK D2C market closed 2025 having reached a major milestone, with assets hitting £500bn. A December Santa Rally helped the FTSE 100 outperform other markets, delivering a 21.5% return for the year. Direct investors remained resilient despite turbulent geopolitics, stubborn inflation and the lingering effects of the Autumn Budget, adapting to an environment of continued uncertainty.
The standout performers for the year were interactive investor, Hargreaves Lansdown, Vanguard and AJ Bell. Each achieved net sales of more than £5bn, with most averaging over £1bn per quarter. Interactive investor outperformed the outperformers with annual net flow of almost £9bn, while HL achieved over £15bn in gross sales in 2025, a huge feat. A special mention goes to the ETF-focused platform, InvestEngine, which has been punching far above its weight in the last 12 to 18 months. This saw gross sales of over £1.1bn for the year, and net sales at £892m. For context, its total assets sit at just over £1.2bn and saw a 132% growth rate in 2025 alone.
Gemma Maher, Head of Market Insight at Fundscape, said, “2025 proved to be a pivotal year for the D2C market, with assets rising on the back of interest rate cuts and a renewed push from regulators, banks and even the nation’s favourite finance guru, Martin Lewis. The bigger picture is clear. D2C investing is no longer episodic or niche. It has become habitual and mainstream, underpinning the market’s growth into 2026 and explaining why the largest platforms continue to invest in brand and media visibility.
“Looking ahead, 2026 is already shaping up to be another defining year. This week’s NatWest headline offers an early signal of what’s to come. As banks gain greater access to potential customers, the competitive landscape is set to shift, which raises the question of which players are best positioned to benefit, and whether investors can hold their nerve amid growing geopolitical uncertainty.”
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Notes to Editors:
The Direct Matters report covers the direct market and is published by Fundscape. It has been running since Q121. For further information or background please contact: press@fundscape.co.uk
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