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Cofunds hits £10bn in five years

Cofunds has passed £10bn in assets, five years since it launched.

Rival FundsNetwork is also understood to have reached the £10bn landmark.

Industry estimates put the amount of money held on platforms at around £30bn but Cofunds believes this will leap to £180bn by 2010.

Cofunds is to launch an offshore bond and will include offshore funds on the platform next year. This year, it has added a single-premium bond and personal pension following its tie-up with Legal & General. Expansion and development has come at a price, with Cofunds posting reported losses of £200m since launch in 2001.

Chief executive Charlie Eppinger says: “We only opened for business in 2001 so this is a terrific achievement. We have seen a number of competitors trying to break into this market but few have succeeded in achieving scale. We will only continue to grow at our current pace if we continue to invest in the business.”


Resolution to open property fund for Isas

Resolution Asset Management is opening its UK property fund to Isa investors from next January.The fund company will remove the deferred redemption terms it put in place on the £568m fund when it was launched in December 2004. Although this move helped to manage liquidity, it also made the portfolio ineligible for Isa investors.The fund […]

Court tells Woolwich to pay £2,000 in damages to IFA

A court has awarded an IFA over £2,000 in damages in a dispute with Woolwich.Strategic Financial Solutions joint managing director Henri Berest claimed Woolwich sent plans for a newbuild property to a borrower’s old address and failed to make copies of the plans, which led to subsequent service issues.Barnet county court ordered Woolwich to pay […]

Aviva considers reattribution of inherited estate

Aviva is continuing to pursue the possibility of a reattribution of the inherited estate of two of its with-profits funds and has appointed Clare Spottiswoode as policyholder advocate.Spottiswoode will represent policyholders and the role was created under new FSA rules governing reattribution but at this stage no decision has been made to proceed with a […]


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