LONDON (26 February 2026) –Onshore investment fund gross sales hit record highs in 2025 as a shifting wealth management landscape is putting money in motion as portfolios are being remodelled.
The latest Pridham Report shows that retail onshore gross sales were up over £10bn, or 5 percent, year-on-year in 2025, with onshore net sales down nearly £10bn.
Despite weak overall net sales, 21 asset managers managed to increase their onshore net retail sales and more than 70 percent of reporting offshore managers saw a net sales increase.
The findings reflect a transition within the U.K.’s wealth management sector. Today’s landscape involves more outsourced portfolio management, be it model portfolios or unitised multi-asset programs, a greater use of passive solutions within portfolios, and a shift to more globally benchmarked portfolios.
The Pridham Report, by ISS Market Intelligence (ISS MI), monitors sales and asset trends in the U.K. fund market using data supplied by over 45 of the largest fund groups operating in the U.K.
Benjamin Reed-Hurwitz, Head of Research Development, EMEA & North America at ISS MI, said: “Opportunity is running hot in today’s market. Gross sales hit record levels in 2025, so it’s important to look beyond weak net flows.”
“The U.K. wealth industry is changing fast. As asset allocation shifts from individual advisors towards model portfolios and multi-asset solutions, portfolios are becoming more global and more passive, while consolidation is concentrating decision-making power.”
“That transition is creating a highly competitive environment for fund groups. Not everyone will make the podium, but there are plenty of medals to be won for managers with clear positioning and strong portfolio value.”
“Even in a tough Q4 – the weakest net sales quarter of the year – over 20 managers still grew net sales. Opportunity remained open throughout 2025 to both active and passive managers who could curl their value propositions to the button of portfolios.”
One of the more notable trends in the Q4 data shows that investors continued to rotate out of the large-cap U.S. equities, amid an uncertain geopolitical environment and concerns over valuations, particularly in the technology sector. Throughout 2025, ‘diversification’ was top of mind for asset allocators and investors alike.
Meanwhile, offshore funds have continued to perform strongly in the post-Brexit landscape, with net sales up £3bn in Q4. Their growth is increasingly driven by outsourced portfolio solutions providers who value fund choice. These groups demonstrate a greater openness to looking to the offshore fund market and incorporating offshore solutions into client portfolios, a trend reflected in the U.K. Portfolio Construction Report.
| Rank | Fund group | Gross sales £m |
| 1 | Blackrock | £8,705.6 |
| 2 | Vanguard | £7,978.0 |
| 3 | Legal & General IM | £7,232.1 |
| 4 | Fidelity | £6,086.6 |
| 5 | Royal London Asset Management | £4,784.1 |
| 6 | HSBC Asset Management | £4,413.2 |
| 7 | Artemis | £3,079.7 |
| 8 | M&G | £2,009.2 |
| 9 | Schroders | £1,989.3 |
| 10 | BNY Investments | £1,388.8 |
| Rank | Fund group | Net sales £m |
| 1 | Royal London Asset Management | £1,099.0 |
| 2 | Artemis | £795.8 |
| 3 | Vanguard | £787.0 |
| 4 | HSBC Asset Management | £784.3 |
| 5 | Orbis Investments | £362.9 |
| 6 | Hargreaves Lansdown | £213.0 |
| 7 | M&G | £189.6 |
| 8 | Aviva Investors | £46.4 |
| 9 | L&G | £36.4 |
| 10 | Aegon Asset Management | £26.0 |
On a group level, Royal London Asset Management led the net sales league table in Q4 as it achieved record gross sales. Its short-term fixed income and money market strategies drove those sales.
It was followed by Artemis, which achieved record gross bond sales in Q4, which added strong short duration strategic bond fund sales to its equity fund success. M&G also continued to see onshore equity success, led by its Asian Fund.
HSBC AM led all onshore passive fund groups, complimented by strong onshore multi-asset and offshore passive fixed income sales.
Vanguard, Aviva Investors and Orbis all found mixed asset success on the quarter, even if all three did it in slightly different fashions.
Hargreaves Lansdown consistent success, being the onshore net sales rankings in all four quarters, highlights the success of its direct-to-client platforms and the potential of this channel.
Reed-Hurwitz said: “Opportunity across the market is broad, but competition has never been more intense. Success now depends on having a clear value proposition, strong positioning and a demonstrable role within client portfolios — all delivered at a competitive price point. In a crowded and fast-moving landscape, firms that can clearly articulate what they do, why it matters and how they add value will be the ones that cut through the noise and win assets.”
For more information and to access the full report, visit https://www.issmarketintelligence.com/solutions/marketsage/the-pridham-report/
###
About ISS Market Intelligence
ISS Market Intelligence (MI) is a leading provider of data, insights, and market engagement solutions to the global financial services industry. ISS MI empowers asset and wealth management firms, insurance companies, distributors, service providers, and technology firms to assess their target markets, identify and analyze the best opportunities within those markets, and execute on comprehensive go-to-market initiatives to grow their business. Clients benefit from our increasingly connected global platform that leverages a combination of proprietary data, powerful analytics, timely and relevant insights, in-depth research, as well as an extensive suite of industry-leading media brands that deliver unmatched market connectivity through news and editorial content, events, training, ratings, and awards.
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Georgia Reveley
Associate Director, Marketing
press@issmarketintelligence.com
