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Cofunds tops The Platforum Q4 AUA table

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Holly Mackay Platforum 200

The Platforum managing director Holly Mackay

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.”

The Platforum AUA table Q4 2012

* Figures based on The Platforum estimates

** James Hay moved its Sipp assets onto the platform in Q3, which affects the AUA percentage change.

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Readers' comments (4)

  • Don't be misled. This is by no means all adviser money. The growth has been generated by institutions (Stockbrokers and the like) using the platform. If the carry on as now I think you may find that many advisers are no longer willing to put up with the marked deterioration in service and the inflexible and inappropriate remuneration proposition. Shame really because they have the market leading website in my opinion.

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  • Harry, we've never claimed all of our assets are from advisers. We run a multi-proposition business that supports a variety of different channels - the scale and profitability that this has given us provides reassurance to all our clients that we’ll be around for the long-run, plus the money to invest in our proposition. To give you a perspective on our figures, we put on over £200m of new advised assets in January, no mean feat, but equally we’re acutely aware of how important IFAs are to our business and that we need to continue to serve them.

    We work hard to deliver for all our clients, but we'll be the first to admit that we don't get things right first time - but when we don't, we usually do whatever we can to put things right. To put this into context though, it's easy for small businesses to keep clients happy, but when you have over 6,000 actively supporting IFA firms of all sorts of different sizes and types, it's not always easy. So we consult widely and develop what we think will work for the majority.

    The final point I'd make is that we have a lot of new developments and improvements to existing services happening throughout this year (indeed, some go in this weekend)

    Stephen Wynne-Jones
    Head of Marketing
    Cofunds

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  • Oops, just noticed a fraudian slip in my previous post!

    The middle para should have started:
    "We work hard to deliver for all our clients, but we'll be the first to admit that we don't ALWAYS get things right first time - but when we don't, we do whatever we can to put things right..."

    Imagine that will cause some amusement...ahem!

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  • Yes Stephen

    It’s always difficult to run with the hares and hunt with the hounds; perhaps that’s why you have modelled your proposition on those with the potential to place most business. Presumably that’s why you took the lazy way out when it came to remuneration for funds under management and chose such an inappropriate method.

    I do wonder what the Regulator’s take on this will be. If clients wish to pay via the platform it is hardly in their best interests to have the charges taken from the largest fund or from the cash account. (Hardly appropriate if the client has a growth portfolio with no cash being generated or reducing the income that would otherwise be paid).

    Odd that another platform is able to sell down pro rata across the board and you are not.

    That there has also been a most notable and marked deterioration in your otherwise excellent service (up to end 2011) is also to be regretted and one can’t help wondering whether this is due to your courtship of the big battalions at the expense of your original supporters.

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