View more on these topics

Cofunds’ outflows go to platforms with fee facilities

The majority of asset outflows from Cofunds last year were to platforms focused on fee-based advisers.

Figures obtained by Money Marketing show that over the course of the year to May 2008, Cofunds saw the highest outflows to Transact at just over £6m. The next highest outflows were to Pershing Keen Nominees at just over £4m. Pershing Keen runs back-office custo- dian services for asset mana- gers and platforms, including Seven Investment Management.

Cofunds also saw outflows of around £3m to First NZ, which powers the Standard Life wrap and Axa’s fledgling Elevate proposition.

Cofunds communication consultant Richard Eats says: “These outflows must be viewed in the context of inflows tot-alling £1bn per quarter.

“The outflows were to platforms compatible with a fee-based advice model. We are currently testing our fee-based service against big volumes of business so that our systems are robust and we hope to be ready to launch by the end of this year or early next year.”

Financial Technology Research Centre director Ian McKenna says: “The figures sug- gest that there is not a huge amount of money circulating between platforms, which is worrying, considering the FSA’s requirement for advisers to regularly review the platforms they use. It suggests that the market is not as liquid as the regulator would perhaps like.”


Take it to the banco

Latin American markets have outperformed the more developed markets over the last year, driven by minimal sub-prime exposure, strength in commodities and strong domestic growth. Until recently, most markets were in positive territory for the year but recent concerns over commodities have seen a subsequent correction which has to attractive valuations.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm