Platforms had their worst three months in a decade in the third quarter as market wobbles and a wave of bad news took their toll, according to a new report from platform and investment research company Fundscape.

Total platform assets under management (AUM) slumped by £52.2bn to £838.4bn in the second quarter, down 5.9% on the previous quarter.

Assets across all advised platforms fell by 2.42% in the first quarter of this year.

There are signs that investors are shifting money to safer havens in the face of economic and political turmoil, according to a fund research company.