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Platform assets grow by 9% in Q1

Fund research house Fundscape has revealed platform assets under administration grew by 9 per cent during the first quarter of the year to £189 billion.

According to research, gross platform sales rose by 26 per cent to £11.9bn compared with the final quarter of 2011.

Net sales meanwhile grew by 37 per cent, compared with the prior quarter, to £5.6bn.

A number of plaforms saw double digit growth during the first quarter, including Ascentric and Axa Elevate, both surpassing £4 billion in AUA. Skandia saw assets increase by 5.5 per cent to more than £40bn.

Fundscape director Bella Caridade-Ferreira says: “Gross flows fell to their lowest level in the last quarter of 2011, but as we predicted, it was no more than a blip and sales have bounced back to their former levels.

“Net flows are slightly under par, but that’s to be expected in the current environment. Some profit-taking was likely and the ISA season had a slow start.”

According to Caridade-Ferreira, Cofunds was the highest ranked platform by both net and gross sales.

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