FundsNetwork and Cofunds continue to dominate fund sales through platforms, with FundsNetwork recording 435m in sales in the third quarter compared with sales of 345m at Cofunds. FundsNetwork and Cofunds have alternated top spot over the last two years.
Skandia, which is scrapping re-registration in the new year, took 165m, with Selestia on 124m and HL Vantage on 110m, according to the Pridham report.
Only FundsNetwork sold more funds in tax wrappers than it did in unwrapped funds, reflecting its greater reliance on direct business.
Overall fund supermarket sales fell by 16.5 per cent compared with the second quarter and the big two showed a marked reliance on re-registration and transfers, making up 63 per cent of FundsNetwork inflows and 46.5 per cent of Cofunds inflows.
Selestia managing director Brett Williams says the platform has benefited from sales through a variety of tax wrapp-ers, including Sipps and bonds.
He believes Selestia has also benefited from IFA concern over Cofunds’ financial position, Skandia dropping of re-registration and some advisers’ perception of HL Vantage and FundsNetwork as threats to their clients.
Williams says: “We are not just a fund supermarket and we have a blue-chip backer which does not present a threat to IFAs.”