Defined benefit (DB) transfers helped cushion investment platforms from the worst in 2018, according to consultancy Fundscape, in what proved a difficult year for the sector.
Pension and self-invested personal pension (SIPP) wrappers now account for some two-fifths (41%) of platform assets, as of the end of 2018, but the more surprising figure sees their share of net sales in the platform market rise to a "whopping" 72% thanks to DB transfer business, Fundscape said. More generally, the platform market saw asset growth of just 4% (£23.1bn) in 2018, compared with 21% (£98.7bn) in 2017. Net sales, on the other hand, withstood a tough year, coming in at £44.6bn, which compares relatively well with the £54.6bn in 2017. Gross sales also withstood the tough mark...
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