Assets held on platforms dropped by 0.3 per cent to £189bn during the second quarter of the year thanks to stock market volatility, according to Fundscape’s platform report.
Gross sales during the second quarter rose by 1.3 per cent to £12.2bn, while net sales increased by 5 per cent to £6.2bn.
Re-registered business was the “real driver of growth” in the second quarter, according to the report, while sales were also boosted by the tail-end of the Isa season.
Cofunds was crowned as the largest platform, beating Skandia into second place, with assets under administration of £40.7bn.
Fundscape director Bella Caridade-Ferreira says “The transition to a fee-based model is driving adviser firms to wraps’ doors. As a result, the wrap cohort is outperforming traditional fund platforms in growth terms.”
Wraps Standard Life and Axa Elevate were third and fourth-placed in the assets under administration table respectively.
Caridade-Ferreira adds: “Business is stickier among the wraps, so they are punching above their weight in net sales terms.”