Platforms suffer lowest sales since 2014 on Brexit fears

Sales fall to £9.6bn

Fund platforms reported their lowest net sales since 2014 in Q2, as investors cashed out in the run-up to the Brexit referendum.

According to the Fundscape Platform Report, which surveyed 19 platforms, net sales fell to £9.57bn in the second quarter of 2016.  This was down from £9.6bn in the first quarter and is the lowest figure since the third quarter of 2014, when sales were £8.8bn.  The top five platforms by net sales in the second quarter were Hargreaves Lansdown, Aegon, Standard Life, Zurich and Aviva. Bella Caridade-Ferreira, chief executive of Fundscape, said "Investors lost their nerve in the final weeks before the Brexit vote and cashed out. Platforms without decent cash facilities would have felt ...