In July the UK government finally agreed an exit strategy with the EU and the outlook began to look rosier. But as the quarter wore on, resignations and vocal criticism abounded dampening investor sentiment and sending stock markets into the red — the FTSE 100 and the FTSE All Share indices fell by 1.8% in the quarter. Download the release here.
After significant falls in Q1, stock markets began to level out at the end of March... just in time for the last two weeks of the ISA season. By the close of Q218, the UK stock market had recovered most of its lost ground, with the FTSE 100 and FTSE All Share rebounding by 8% and performing better than most major stock markets in Q2.
On the back of this upturn, platform assets rose by £32bn to £604bn, smashing through the £600bn level for the first time on industry records. Hargreaves Lansdown registered the most growth in cash terms, with assets rising to £92bn. Meanwhile Cofunds’s assets stand at a remarkable £96bn. If markets continue to rise at a similar pace, it should be the first £100bn+ platform in the UK in Q318.
For stock market results reasons, we published headline figures only for the PLATORM INDUSTRY in February 2018. Now that all platforms have released their results, we can reveal the leading platforms for 2017.
After an ISA-fuelled first half of the year, platform activity in the third quarter was more muted. The summer season is traditionally quieter and political and economic uncertainty was on the rise. However, the steady flow of pension money meant that platform business remained strong. Stock markets flat-lined in the quarter, but platform assets increased by £19bn (3.6%) to £560bn, nonetheless.
Download press release here.
Momentum continued to build in the platform industry during the second quarter as pension freedom and ISA business drove investment. Market growth was neutral in the second quarter, but assets under administration rose by £19bn (4%) to £539bn, while gross and net sales again climbed to new highs of £34bn and £14.4bn respectively.
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