Open architecture platform growth 'sluggish'

Defaqto estimates that assets under management for platforms are currently close to £100bn, though more than two thirds of this is accounted for by fund supermarkets. Fraser Donaldson, principal consultant, investments at Defaqto, outlined how he believed that open architecture providers, such as Ascentric, Nucleus and James Hay, were not making a dent in the estimated £1.4 trillion of investible wealth in the UK. "Sure there is some growth, but given the huge technology spend, these providers would be expecting much more, and we would expect some consolidation or, as with 7IM and Ascen...