Markets rally and platform assets hit new highs in Q3/25 reports latest Fundscape data

Markets and therefore assets hit record levels in Q3 at nearly £1.3tn (£756bn for adviser platforms), supported by buoyant tech stocks and interest rates continuing their downward drift.

While not quite matching the heady numbers of H1, flows held up well despite lingering uncertainty ahead of the Autumn Budget, according to the latest data from Fundscape. Off the back of expected changes, it was no surprise that onshore bonds hit new highs, while SIPPs continued to attract both new business and pension consolidation.

Aegon and Hargreaves Lansdown continue to lead on all-channel business. On a net sales basis, however, Quilter and AJ Bell are edging ahead, delivering stronger results. For AJ Bell, the strength of its business is predominantly in the D2C proposition.

In retail advised activity, the platform triumvirate of Quilter, Aviva and Transact continues to dominate the net sales leaderboards for both the quarter and the year. Quilter continues to lead by a substantial margin. One platform shaking things up and planning to challenge incumbents in the future is 7IM, which entered the top five last quarter and has risen to fourth place this quarter.

Bella Caridade-Ferreira, CEO of Fundscape, said, “Despite the political noise and endless Budget speculation, this was the strongest third quarter since 2021. Investors and advisers largely held their nerve, helped by buoyant stock markets.

“As we move into the final quarter and look ahead to 2026, there are solid grounds for optimism. Interest rates are falling and the Autumn Budget is expected to drive further demand for advice. We also anticipate a reshuffle in the popularity of tax wrappers – pension flows are likely to ease, while onshore bonds continue to surge.

“On that basis, Fundscape projects that all-channel assets will hit £2.4trn and adviser assets will double to £1.5trn by 2030.”