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The going got exceptionally tough for the platform industry in the third quarter. The cost-of-living crisis, rampant inflation, the uncertain economic outlook and political instability together had a huge, negative impact on investor confidence. Investors were spooked, abandoned risk in their droves and retreated to the safety of cash.

A high viral load sent stock markets around the world into shock in March. As a result, there was a collective contraction in platform assets of £78bn to £633bn, an 11% drop, although this was considerably better than the ~ 25% fall suffered by stock markets worldwide.