Wrap and Platforms

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The Platforum: Be wary of platform tech shifts

There are some big changes happening under the surface in the platform market at the moment. With all of the excitement around the pension reforms currently it is easy to forget about the shifts in platform technology that are either in progress or on the horizon. And it is even easier to overlook the impact […]

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Profile: Old Mutual Wealth’s Carlton Hood on the right way to deliver vertical integration

If you meet Carlton Hood, Old Mutual Wealth’s customer director, don’t mention meerkats. Hood was chief executive of the price comparison website Confused.com when rival firm Compare The Market unleashed its popular ‘Compare The Meerkat’ advertising campaign in 2009. “That was the biggest challenge of my career,” he jokes. On a more serious note, Hood […]

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GBST to power Just Retirement platform

Broking technology firm GBST Wealth Management is to power Just Retirement’s new simplified retirement platform. The advised-only platform has been developed following the introduction of pension freedoms earlier this month. It will allow customers to purchase an annuity as well as leave their pension invested in a low-risk “rainy day” fund. Just Retirement group communications director […]

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7IM offers direct platform for orphan clients

7IM has launched a direct platform for orphan clients who no longer have an adviser. The wealth manager says it was seeing demand from orphan clients and did not want to turn them away if they ceased to have a relationship with their adviser. The fee structure is the same as for its advised clients, […]

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Private equity firms circle £100m 7IM

Private equity firms are circling Seven Investment Management and could value the wealth manager at over £100m, Money Marketing understands. 7IM was founded by Justin Urquhart Stewart and Tom Sheridan in 2001, and has grown from a handful of employees to about 170. It runs about £8bn of assets and is owned by its partners […]

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Nucleus reports 67% jump in profits to £2.5m

Nucleus has reported a £2.5m pre-tax profit for 2014, up by 67 per cent from £1.4m the previous year. Assets under administration reached £8bn at the end of last year, an increase of 27 per cent compared to 2013. The platform says this boosted turnover by 26 per cent to £23.6m. Nucleus says it has […]

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Peter Hargreaves steps down from HL board

Peter Hargreaves has stepped down from the board of Hargreaves Lansdown, the firm he co-founded with Stephen Lansdown in 1981, with immediate effect. Hargreaves says he wants to spend more time with his family and pursue other interests but will remain “in close touch” as a major shareholder. He says: “I believe this is the […]

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Novia updates platform for pension freedoms

Clients on Novia’s platform will be able to enter flexi-access drawdown or use new uncrystallised funds pension lump sums. There is a £62.50+VAT annual charge for using drawdown, and a £62.50+VAT per annum cost for making withdrawals with the UFPLS option. The platform charge is 0.5 per cent up to £250,000, 0.4 per cent up […]

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Transact reports £17.8m profit as assets grow 20%

Transact has reported a pre-tax profit of £17.8m for the year to 30 September 2014, as assets under administration grew to £17.1bn. The platform’s profit is up by 5 per cent compared to £16.9m in 2013. Assets under administration increased by 20 per cent from £14.3bn in 2013. Gross inflows averaged £259m per month in […]

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Cofunds reports 83% rise in profit but misses revenue target

Cofunds has reported an 83 per cent increase in pre-tax profits to £7.7m, but says its revenue was less than expected.  In its annual results for 2014, the platform reported a surge in pre-tax profits from £4.2m in 2013. Cofunds also saw a 12 per cent rise in assets under administration, from £64.1bn at the […]