Platform sales hit record high in Q2 as Budget boosts sentiment

Platform sales reached a new record in the second quarter, according to a Fundscape report which pointed to Budget reforms as a key driver of the surge in interest.

Net sales from April to June rose 21% on like-for-like sales in 2013 to £11bn, according to the consultancy's platform report. Gross sales rose by 19% to £21.2bn. Fidelity, Hargreaves Lansdown and Standard Life saw the strongest inflows during the quarter: combined net sales on the three platforms accounted for half of total net sales. Retail advised sales remained strong despite the continued rise of D2C platforms, accounting for almost half of all platform sales on the quarter, Fundscape added - with Standard Life a particular beneficiary. Total platform assets under administrati...