Platform industry suffers worst Q2 sales since 2010

Net sales plummet to £5.5bn

clock • 2 min read

Platform sales failed to pick up, even as the tax-year-end approached, between April and June this year, making it the worst second quarter since 2010.

According to Fundscape's latest edition of The Platform Report, sales were a "bloodbath" with gross sales rising to £34bn compared to Q1 2023, but with net sales plummeting to £5.5bn from £9.4bn. This took the net-to-gross ratio to just 16.4% (down from 26.8% in the previous quarter) making it the worst second quarter for platform sales for 13 years. Looking at individual companies, Aegon enjoyed the highest gross assets for Q2 (£8.6bn) as well as the first half of the year (£18.6bn), while also coming in top for net sales in H1 2023 at £3.6bn. However, AJ Bell scored the highest n...

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