Platform assets lost some ground in the second quarter of the year, retreating by 0.3 per cent to £189 billion ($296.2 billion), according to a new report.

New research made by UK's Fundscape shows that gross platform sales were up by 1.3 per cent on the previous quarter to £12.2 billion. Net sales rose by 5 per cent to £6.2 billion.

"The Olympic Games combined with the summer holiday season has led to a quieter quarter overall, notwithstanding ongoing economic uncertainty," said Fundscape director Bella Caridade-Ferreira. "These factors are likely to result in lower gross and net sales than usual."

Cofunds became the largest platform in the UK during the quarter with assets under administration of £40.7 billion, after growing by 4 per cent and surpassing Skandia.

For the 13th consecutive quarter, Cofunds topped the platform leader boards for gross and net sales, Fundscape said.

The report included 15 platforms, most of the biggest in the UK except for James Hay.