Platform market assets under administration grew by 7.6% in the last quarter of 2020 to turn it into a relatively successful year for the sector, according to the latest data from Fundscape.
Overall market assets ended at £785bn, 9% (£64.8bn) higher than the end of 2019 as net sales of £36bn across 2020 helped that growth - platform sector net sales in 2019 were £29.2bn. After a record-breaking first quarter, the coronavirus pandemic and market shocks sent "sales shuddering to a halt" and the year was looking "even more dire than 2019", said Fundscape, until fourth quarter sales and buoyant markets turned the year around for the platform space. D2C platforms noted a surge in new accounts and investments during lockdown, which Fundscape said boosted ISA net sales to £5.6bn...
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