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.
It was a cracking start to the year for the platforms industry with several new highs. Assets under administration rose by £31bn (6%) to £520bn, smashing through the £500bn ceiling, while gross and net sales set new records of £29bn and £13.3bn respectively. This was in marked contrast to the start of 2016 when economic factors and Brexit fears led investors to stay away from investments.