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After the heady growth and the robust ISA season of the first half of the year, the third quarter of the year was decidedly pedestrian. Stock markets flatlined as oil and labour shortages dragged on economies and depressed consumer sentiment. Despite this, UK platform assets rose by 2.7% to £891.5bn, while gross and net sales dropped back slightly on the previous quarter to £37.8bn and £13.7bn respectively.

Investment distribution specialist Finscape today announced Ascentric, part of M&G PLC, as the latest (12th) addition to the line-up of platforms supplying distribution data to its recently launched investment distribution intelligence service. Ascentric has been a participant in the design of Finscape, but the agreement to supply data was delayed by the sale of the platform to M&G in 2020.

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.