Quilter, True Potential and Transact were among the top platform performers in the second quarter of 2022, raking in the most gross and net sales.
While Quilter and Transact recorded gross sales of £1.9bn, True Potential posted net sales of £1.3bn, according to Fundscape data published today (August 11).
Aviva was the third best performer in both categories, bagging £1.73bn in gross sales and £1bn in net sales.
The latest figures put Quilter, True Potential and Transact ahead of their peers for the year so far.
Source: Fundscape
Fundscape said the two vertically integrated platforms have “stood out from the crowd” the past quarter, highlighting their ability to closely support and work with their advisers and investors against the current market conditions.
Across the industry, the data tells a different story. Advised assets fell by 6.08 per cent over Q2, according to the Lang Cat’s data also published today.
Gross advised sales were down 8.37 per cent across the board, totalling £19.38bn. Meanwhile net sales came in at £8.85bn - down an even greater 11.57 per cent on Q1 2022.
“The economic outlook is shaky at best, with little prospect of improvement in the short to medium term,” said Fundscape chief executive, Bella Caridade-Ferreira.
“With rampant inflation and fuel prices at unsustainable levels, investor confidence and disposable income will shrink to fresh lows.
“Investors and platforms will have to learn to live with the new normal. For platforms, the downturn comes just as they face another huge regulatory hurdle in the shape of consumer duty.”
Caridade-Ferreira said the platforms which survive will be adept at adapting to disruption and diversifying into multi-channel businesses.
“Consumers will need significant support over the next few years and will expect their finances to be both digital and seamless across a range of products and services,” she concluded.
The Lang Cat’s data tracked platform inflows over the quarter. Platform challenger Multrees topped the list with £2.98bn gross inflows, more than £1bn ahead of the next best-performer, Quilter (£1.89bn).
The consultancy firm said a large deal for Multrees painted a slightly better picture for the advised platform market and “slightly skews” the firm-level data.
FTAdviser has approached Multrees for comment. Sources said it could be assets from the Brompton Asset Management deal - announced in November - arriving on the platform.
Overall, Abrdn holds the most assets of any platform currently at £68.27bn, followed by Quilter (£65.78bn) and Transact (£50.30bn).
ruby.hinchliffe@ft.com
