Axa Elevate and Nucleus have topped The Platforum’s leader board for the third quarter of 2011, followed by Skandia.
The Platforum examines platforms’ performances on a quarterly basis, based on around 1,500 adviser reviews. Platforms are rated according to user feedback, financial strength, momentum and price.
The study shows that total platform assets under administration fell by 4.35 per cent from £164bn in the second quarter to £156.9bn in the third quarter.
The study included Sippcentre for the first time and, with its assets included, the total UK platform assets under administration stands at £168bn.
Skandia and Fidelity FundsNetwork both saw sizeable drops in assets under administration, with FundsNetwork falling by 11 per cent from £37bn in the second quarter to £33bn in the third quarter and Skandia falling by 7.5 per cent from £40bn to £37bn.
Standard Life, which was top of the leaderboard in the second quarter, saw its assets fall by 1.7 per cent from £10.77bn to £10.58bn in the third quarter.
Nucleus and Elevate both saw increases in their assets under administration in the third quarter. AUA for Nucleus rose by 3.6 per cent from £2.9bn to £3bn while Elevate had a rise of 6 per cent from £2.9bn to £3.1bn.
Aviva also saw a 6 per cent increase in its platform assets, which rose from £500m in the second quarter to £600m in the third quarter.
The Platforum managing director Holly Mackay says: “Each adviser firm has different criteria which it will need a platform to fulfil.
“Advisers should be aware that it is important that any platform due-diligence process starts with a clear view of what that platform is there to achieve.”
Investment Quorum chief executive Lee Robertson says: “Although the assets of a couple of the big platforms have fallen it is probably relating to fund values falling in a difficult market rather than a migration of assets. It is interesting to see that Elevate is beginning to get traction with advisers.”