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.
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With a stock market correction of 8% during the quarter, it was no surprise that platform assets shrank by 0.7% to £377bn — robust flows and a strong interest in all things pensions cushioned platforms from the worst. Fundscape’s Q3 Platform Report showed that gross flows were slightly lower than the last quarter at £24bn, but net flows rose to a new high of £13bn. On a YTD basis, gross sales were £72bn v £60bn in 2014, while net sales were £35bn v £30bn the previous year.