Tax year-end activity in Q1 fuelled a £2.3bn increase in net platform flows in April despite continuing market volatility.
Gross fund flows totalled £20bn, according to analysis by analysts Finscape.
Active funds accounted for 66% of assets but their share of net flows fell to 32% during April.
The firm said index houses led the field during the month with BlackRock, Vanguard and LGIM taking the top three gross flow spots, while Amundi led on net flows.
Amundi was in pole position for net flows on the back of strong demand for its fixed income funds as attractive real yields, a defensive investor mindset and the expectation (until recently, at least) of an interest rate cutting cycle drove a fixed income rotation, Finscape said.
The same defensive mindset led to increased flows into RLAM and Fidelity's cash and short duration funds among the active fund managers cohort.
Schroders topped the active-only net sales leaderboard. The firm, currently in the process of being acquired by Nuveen, drew flows into its actively managed portfolio services, as well as its Global Strategy, Japan Equity, Strategic Bond and Global Equity Income funds.
ON-PLATFORM FUND ACTIVITY - APRIL 2026 | |||
April 2026 | Total AUM | Gross flows | Net flows |
All funds (£m) | 536,019 | 20,024 | 2,253 |
Active only (£m) | 353,157 | 11,631 | 728 |
Passive only (£m) | 182,863 | 8,394 | 1,525 |
Active market share (%) | 65.9 | 58.1 | 32.3 |
Passive market share (%) | 34.1 | 41.9 | 67.7 |
Source: Finscape
Bella Caridade-Ferreira, head of insight at FE fundinfo and Finscape lead, said: “Stock markets have so far resisted the fall-out of the Middle East war, and with the cash ISA allowance for under-65s set to halve and pensions brought into inheritance tax from April 2027, investors had every reason to maximise their allowances while they still can.”
She said it was a good month for fund managers, but looking ahead she added: “How the rest of the quarter pans out remains to be seen.”