Platform assets rise despite pre-Brexit jitters

Assets held on UK fund platforms increased in the second quarter of the year by £20 billion (€23 billion) – a period that covered the UK’s Brexit vote and saw investors head to safe-haven investments. Total assets held on platforms were £432.5 billion at the end of June, a higher rise than the FTSE All Share (4.2% versus 3.5%) over the same period. Yet data from Fundscape showed that while gross flows for Q2 were up from the previous quarter, net sales fell to £9.57 billion – the lowest total since Q3 2014 when sales were £8.8 billion. Net sales of individual savings accounts were down 79% on a like-for-like basis compared to 2015, but pension products and workplace savings together accounted for £6.5 billion of net flows. Bella Caridade-Ferreira, chief executive officer of Fundscape, said this showed investors were “resilient and pragmatic” when saving for the long term. Cofunds topped the list of platforms with the largest assets (£77.5 billion), though Aegon will gain from this when it buys Cofunds from Legal & General – a move announced last week. After the deal goes through at the end of year, Aegon’s assets will rise to £110 billion. Alliance Trust has already seen its assets boosted by the acquisition of Stocktrade, adding £3.4 billion. Direct-to-consumer platform, Hargreaves Lansdown, led net sales for both Q2 and the first half of the year, with £1.8 billion and £3.2 billion, respectively. ©2016 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.