Platform and investment analyst Fundscape predicts that 2023 will be another tough year for platforms after a dismal 2022.

Assets under management and administration (AUMA) at wealth manager Quilter fell 11% during 2022 to £99.6bn, from £111.8bn in 2021.

Fintech and platform engine provider Bravura Solutions plans to downsize its UK offices as part of a global cost-cutting exercise, with some offices set to be cut altogether in Australia and New Zealand.

Nearly three in 10 advisers (28%) have changed one or more of their preferred platforms in the last 12 months, according to a new survey.