A report commissioned by the Association of Investment Companies (AIC) using Matrix Solutions’ Financial Clarity shows a 66% increase in adviser and wealth manager investment company platform purchases in the first nine months of 2013 post RDR in comparison to the same period in 2012.
Total purchases of investment companies in the first nine months of 2013 reached £241m, a 66% increase compared to the same period in 2012 when purchases were at £145.5m. Purchases of investment companies by advisers in Q3 2013 reached a record high of £83.3m, more than double the figure for Q3 2012 of £40.8m.
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Six platforms provided the data on investment company purchases, namely Transact, Nucleus, Ascentric, Raymond James Investment Services, Elevate and Novia.
Ian Sayers, director general of the Association of Investment Companies said: "It’s early days but RDR appears to be having an impact on the industry. It’s really positive that we’ve seen such a significant increase in adviser platform purchases of investment companies this year, albeit from a low base. The AIC have trained over 1,400 advisers in 2013, a considerable rise in comparison to just over 800 last year. We’re well aware there’s a lot more to do and are currently putting together next year’s training programme, starting with sessions on VCTs in January."
Other findings
- Although the third quarter of 2013 saw a small fall in total purchases made by advisers and wealth managers on platforms across all product types (down 1.3%), investment company purchases continued to rise, up 3.2% compared to Q2 2013.
- UK Growth and Income, Global Growth and Global Growth and Income were the three most popular sectors for adviser purchases of investment companies in Q3 2013, accounting for 44% of total purchases.
- Transact and Ascentric remain the top platforms in terms of investment company purchases, but Nucleus, Elevate and Novia continue to grow their market share.
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