The investment platform says Isa sales too have been down around ten per cent this season on previous years.
Sipps and cash however proved popular with investors, with sales in Cofunds’ Cash Reserve product accounting for 8.2 per cent of inflows on the platform.
Cofunds marketing and proposition director Alistair Conway says this is evidence of the influence of platforms on investment behaviour and the growth of holistic advice.
He says: “Whereas historically advisers would have sold product solutions to consumers initially, what will now happen is he or she will sell the concept of going onto the platform and holistically managing their affairs on the platform.”
But Conway says one part of the product mix that has found it difficult over the last six months is bonds.
Conway says: “Bonds are taking a slightly different place in the marketplace. There is still a place for good tax planning tools, and bonds are part of that armoury, but whether they’ll remain a mainstream product is yet to be seen.”
Sixty per cent of all new business on Cofunds in Q1 was attributed to just ten fund managers, with Jupiter, Blackrock, M&G and Neptune in the top five. Invesco Perpetual claimed gold with 13 per cent of gross sales.
Invesco Perpetual has seen its total market share rise from 17 per cent in 2007 to 26 per cent of total net sales in the first quarter.
BlackRock Merrill Lynch and Neptune were also big winners. The former moved from 2 per cent of net sales in 2007 to occupy 19 per cent of market share, while Neptune also claimed 19 per cent, up from 6 per cent last year.
Conway adds: “As it is with all products, our role is to provide product choice on the platform and to allow advisers to work out how those best fit with the consumer. And we will go on making sure we have bonds solutions in place and allow the market to work out how best they are used.”