Advised platform net sales rose in the first quarter this year, with Quilter and True Potential topping the leaderboard.
Net sales on advised platforms rose 19 per cent in the first quarter of the year, to £5.15bn, according to the Lang Cat.
However, this figure is 49 per cent lower than the net sales seen in Q1 2022.
Gross sales also rose quarter-on-quarter, increasing 14 per cent to £17.7bn, though they also remained lower than the same quarter in 2022 (down 16 per cent).
Platform advised AUA, gross sales and net sales
Platform | Advised AUA Q1 2023 | | Platform | Advised gross sales Q1 2023 | | Platform | Advised net sales Q1 2023 |
abrdn | £69.66bn | | Quilter | £2.02bn | | True Potential | £964m |
Quilter | £69.02bn | | Transact | £1.82bn | | Transact | £931m |
Transact | £53.97bn | | Aviva | £1.66bn | | Aviva | £796m |
AJ Bell Investcentre | £47.30bn | | True Potential | £1.46bn | | AJ Bell | £600m |
Fidelity Adviser Solutions | £46.76bn | | abrdn | £1.45bn (est)* | | Quilter | £591m |
Source: Lang Cat
Rich Mayor, senior analyst at the Lang Cat, said the increase in assets under administration will be welcome to all platforms that charge a percentage charge on assets (every advised platform in the UK).
“But what we’ve been thinking about is whether this represents green shoots of recovery or a false dawn,” he said.
“Unfortunately, we think it’s likely the latter and that the bounce in sales this quarter is simply people utilising their subscription allowances.
“Platforms we spoke with reported a slow January and February followed by a busy March.”
Mayor added that outflows from advised platforms are at their highest level according to the Lang Cat’s records, rising 11.5 per cent to £12.6bn this quarter.
“This might be about as good as it gets for platform flows this year, as all the same headwinds that faced investors last year still remain.
“Even if the government makes good on its pledge to halve inflation this year, another interest rate rise is going to hit mortgage owners, and the cost of living crisis continues to bite and whittle away investable income.”
sally.hickey@ft.com
