Cofunds has increased its assets under administration by 33 per cent to £47.7bn in the 12 months to 31 December, according to the latest figures from The Platforum.
The Platforum’s quarterly platform guide shows Cofunds at the top of the leaderboard in terms of total AUA in 2012.
Skandia is second with an estimated £42bn, an increase of 10 per cent compared to £38bn in Q4 2011.
FundsNetwork remains in third place with £39.9bn, an increase of 16 per cent on 2011.
Standard Life and James Hay make up the top five with £14.4bn and £14bn respectively.
At the beginning of Q3, James Hay moved all its Sipp business onto the platform, which saw its assets under administration jump from £800m at the end of 2011 to £14bn now.
Total platform assets now sits at £223.9bn, up 27 per cent from £176.4bn in Q4 2011.
Elevate finished top of The Platforum’s Market Monitor which is based on platform performance across costs, user feedback, growth momentum, AUA growth, financial strength and functionality.
Seven Investment Management came second and Transact third.
True Potential again topped the user leaderboard which is based on the reviews of 2,650 advisers.
The Platforum managing director Holly Mackay says: “I am not sure when we reached the tipping point, but with 75 per cent of new adviser flows going onto platforms, and some chunky numbers, I think it is official that the entrepreneurial sector that was the platform market has really and truly become the new establishment.”
Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “Cofunds got its adviser charging facility in place very early last year and has reaped the rewards. James Hay has clearly included a lot of legacy assets which has distorted the figures as it is not one of the larger platform players.”
* Figures based on The Platforum estimates
** James Hay moved its Sipp assets onto the platform in Q3, which affects the AUA percentage change.