Platform sales lowest in three years

Reduction in DB transfer flows leads to drop in sales

clock • 1 min read

Evaporating defined benefit (DB) transfers and high political uncertainty have made 2019 one of the worst years on record for platform sales, consultancy Fundscape's third quarter results show.

Platform industry assets saw a 2.5% increase to £691.3bn, despite stock markets flatlining during this period, but sales played a small part in asset growth. Gross platform sales totalled £27.4bn, the lowest in three years, and net sales fell to £6.6bn, its lowest since Q4 in 2012 as the Retail Distribution Review came into effect. Geopolitical uncertainty from Brexit and the US-China trade war led to investor withdrawals rising at a faster rate than inflows, resulting in a 24% gross sales ratio. Fundscape chief executive Bella Caridade-Ferreira said the reduction in DB transfer fl...

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