The growth in fund platforms has profoundly changed the retail distribution landscape for asset managers. It has given retail investors increased bargaining power by putting pressure on fund managers’ fees in what is traditionally seen as a high-margin sector.

UK platforms accounted for more than half of the country's direct retail sales, with a 55.6% market share in the second quarter of 2014, compared with 36.6% in 2010, according to data published by the Investment Management Association. In the first six months of the year, retail sales on these platforms reached £42.6 billion, compared with £66.5 billion for the whole of 2013.