Advised net platform sales up 19% in Q1 but down 49% year-on-year

Are the stats indicative of green shoots of recovery or false dawn?

Jenna Brown
clock • 2 min read

Advised platform net sales totalled £5.15bn in the first quarter of this year – up 19% on Q4 2022 but down 49% compared to the first quarter of last year, according to data from The Lang Cat.

The consultancy said the £5.15bn recorded in the first quarter of this year was the lowest advised Q1 net sales total since 2019. It added that Quilter and True Potential again topped the gross and net sales charts respectively. Quilter, it said was "closing in" on Abrdn for the title of largest UK advised platform by assets under management (AUA), with both firms edging close to £70bn. The Lang Cat explained advised gross sales (£17.73bn) were up 14% on Q4 2022 but down -16% on Q1 2022. "This is likely due to a tax year end-related bounce in business for platforms," it said. It...

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