Assets under management (AUM) on fund platforms in the UK rose by £31 billion (€36.8 billion) in the first quarter.
The 6% rise means AUM stood at £520 billion, breaking through the £500 billion milestone.
Gross and net sales set new records of £29 billion and £13.3 billion, respectively, according to Fundscape’s ‘Platform Report’ of 19 platforms, such as Aviva, which saw the highest inflows.
The top five by growth (Aviva, Aegon, AJ Bell, 7im and Nucleus) do not rank among the top five by assets, which is seen partly as a sign of differentiation in the market.
The top five by assets (see below) tower over the fastest growers and control about two-thirds of the market.
Those with the most growth – double-digit climbers Aviva, Aegon and AJ Bell – were aided by their pension credentials, according to Bella Caridade-Ferreira, CEO of Fundscape.
She also predicted pensions would drive more growth throughout this year.
“Despite the likelihood that the industry will be buffeted by geopolitical headwinds this year, we expect platform business to maintain a steady course. Pension activity will be the driver. Accessing pension freedom through [defined benefit] transfers is a top priority for investors nearing retirement, and this will keep the industry buoyant throughout 2017 and well into 2018.”
TOP 5 PLATFORMS BY ASSETS IN Q1 2017 (£bn)
Cofunds, £86.8bn
Fidelity, £75.2bn
Hargreaves Lansdown, £74.5bn
Standard Life (inc Elevate), £47.2bn
Old Mutual, £45.3bn
Source: Fundscape
©2017 funds europe
