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Cofunds holds on to top spot on the Platforum’s latest AUA table

Cofunds has maintained its top spot on The Platforum’s latest assets under administration table for the fourth quarter of 2013, growing its AUA by over 10 per cent to £64bn as at 31 December.

Novia, Aviva, Raymond James and Aegon also all grew their platform assets by at least 10 per cent in the three months to the end of last year. 

Aegon saw assets increase by 35 per cent, Aviva by 24 per cent, Raymond James by 11 per cent and Novia by 10.42 per cent.

In total, advised platform assets hit £265.3bn. Overall sales fell during Q2 and Q3 but finished the year strongly with gross sales at £17.51bn in Q4 – up from £15.94bn in Q3.

Cofunds, FundsNetwork, Skandia and Standard Life all added more than £1bn in Q4.

Over the past three years, the market share of the five biggest platform providers has shrunk dramatically, from 84 per cent in Q4 2010 to 66 per cent in Q4 2013.

The Platforum head of adviser platforms Freddie Findlater says: “Trying to fit platform assets into neat boxes is harder than ever. Some support institutional business-to-business, others support execution-only platforms, more will support new corporate business. 

“Some are clearly Sipp providers in new clothes; others are asset managers in disguise. We think platforms will continue to evolve this year.”

Aurora Financial Planning chartered financial planner Aj Somal says: “I am expecting there to be some consolidation in the platform market. 

“Those with big financial backing will have the power to continue investing and adding assets and will probably come out on top.”

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