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Go with the flows: how platforms performed in Q1 2018

New data from platform consultancy firm Fundscape has shown which platforms are leading the race to bring in client assets.

Soft start

A stock market correction and poor weather led to a 'soft start' for platforms in the first quarter of the year, according to platform consultancy firm Fundscape.

As a result, total platform assets fell to £569 billion at the end of March. At the end of the final quarter of 2017 they had been at £592 billion.

A major contributor to this fall was Zurich's sale of its workplace platform to Scottish Widows, which saw the Swiss giant's assets shring to £8.7 billion from its end of 2017 total of £28.8 billion. 

Bella Caridade‐Ferreira (pictured), chief executive of Fundscape said that 2018 would be a harder year for platforms than last.

'2018 will be a softer year than 2017, although flows will be more robust than earlier years. The feverish demand for pension freedom transfers is likely to begin to wane because of falling transfer values and far greater regulatory scrutiny. Brexit, Financial Conduct Authority case studies and the global outlook suggest it will be a bumpier ride this year.'

Read on to see Fundscape's full rundown on platform assets, sales figures and product popularity. 

Owing to market sensitivies, some of the figures quoted in the following slides are estimates.

Soft start

A stock market correction and poor weather led to a 'soft start' for platforms in the first quarter of the year, according to platform consultancy firm Fundscape.

As a result, total platform assets fell to £569 billion at the end of March. At the end of the final quarter of 2017 they had been at £592 billion.

A major contributor to this fall was Zurich's sale of its workplace platform to Scottish Widows, which saw the Swiss giant's assets shring to £8.7 billion from its end of 2017 total of £28.8 billion. 

Bella Caridade‐Ferreira (pictured), chief executive of Fundscape said that 2018 would be a harder year for platforms than last.

'2018 will be a softer year than 2017, although flows will be more robust than earlier years. The feverish demand for pension freedom transfers is likely to begin to wane because of falling transfer values and far greater regulatory scrutiny. Brexit, Financial Conduct Authority case studies and the global outlook suggest it will be a bumpier ride this year.'

Read on to see Fundscape's full rundown on platform assets, sales figures and product popularity. 

Owing to market sensitivies, some of the figures quoted in the following slides are estimates.

Top five platforms by assets in Q1 2018

Ranked in order of assets held on their platforms, the top five platforms in the first quarter of 2018 were:

  • Cofunds: £90.8 billion.
  • Hargreaves Lansdown: £87.1 billion.
  • Fidelity: £76.8 billion.
  • Standard Life (including the Elevate platform): £53.4 billion. 
  • Old Mutual: £50.9 billion. 

Top five platforms by asset growth in Q1 2018

Ranked in order of biggest asset growth throughout the first quarter of 2018, the top five platforms were:

  • Aviva: £666 million (3.3% growth).
  • Aegon: £446 million (2% growth).
  • Hargreaves Lansdown: £998 million (1.2% growth) (estimated).
  • AJ Bell: £250 million (0.7% growth).
  • Zurich: £30 million (0.3% growth).

Top five platforms by gross sales in Q1 2018

Ranked in order of largest gross sales in the first quarter of 2018, the top platforms were:

  • Cofunds: £6.7 billion.
  • Fidelity: £3.3 billion.
  • Hargreaves Lansdown: £2.9 billion (estimated).
  • Standard Life: £2.5 billion (estimated).
  • Old Mutual: £2.5 billion.

 

Top five platforms by net sales in Q1 2018

Ranked according to larges net sales in the first quarter of 2018, the top five best performing platforms were:

  • Hargreaves Lansdown: £1.9 billion (estimated).
  • Standard Life: £1.6 billion (estimated).
  • Aviva: £1.5 billion.
  • AJ Bell: £1.5 billion (estimated).
  • Aegon: £1.4 billion.

Top five retail advised platforms by gross sales in Q1 2018

Ranked according to gross sales in the first quarter of 2018, the top five retail advised platforms were:

  • Standard Life: £2.5 billion (estimated).
  • Old Mutual: 2.4 billion.
  • Aviva: 1.7 billion.
  • AJ Bell: £1.6 billion (estimated).
  • Transact: £1.5 billion. 

Top five retail advised platforms by net sales in Q1 2018

Ranked according to net sales in Q1 2018, the top five retail advised platforms were:

  • Standard Life: £1.6 billion (estimated).
  • Aviva: £1.5 billion.
  • Old Mutual: £1.2 billion.
  • AJ Bell: £1.2 billion (estimated).
  • Transact: £1.1 billion. 

Q1 Assets and sales by product: ISAs

In the first quarter of this year, ISAs had:

  • £150.9 billion assets.
  • Gross sales of £4.8 billion.
  • Net sales of £2 billion. 

Q1 Assets and sales by product: Sipps and pensions

In the first quarter of this year, Sipps and pensions had:

  • £210 billion in assets.
  • Gross sales of £12.3 billion.
  • Net sales of £8.8 billion. 

Q1 Assets and sales by product: DC pensions

In the first quarter of this year, DC pensions had:

  • £32 billion in assets.
  • £1.7 billion gross sales.
  • £23.5 million in net sales. 
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