Tough third quarter for platform industry, data shows

Investors abandoned risk in their droves and retreated to the safety of cash, according to the data. As a result, gross sales fell to £26bn, the lowest since the fourth quarter of 2016. Net sales plummeted to just £4.4bn, the lowest industry net sales in more than a decade. Assets shrank by 1.5% to £825bn in the three months to September, less than the FTSE 100's 3.8% decline, Fundscape said. The industry has lost a total of £105bn in assets, with an inevitable impact on platform revenues, it added. "Fortunately, some platforms can boost their flagging revenues with higher clipping...