Cofunds has overtaken Skandia to the top spot in terms of platform assets under administration, with a 4 per cent rise from £39.2bn to £40.7bn in the second quarter of 2012.
Research from The Platforum shows Skandia saw its AUA fall 3 per cent, from £40.2bn at the end of Q1 to £39.bn at the end of Q2, while FundsNetwork’s assets fell 8 per cent from £37.5bn to £34.4bn.
Total platform assets have fallen 0.6 per cent over the last quarter to £189.2bn at the end of Q2 compared to £190bn at the end of Q1. The Platforum attributes the drop to volatile markets.
The Platforum managing director Holly Mackay (pictured) says: “Cofunds has posted solid, positive net growth now for the last nine quarters, adding assets through institutional, adviser and execution-only channels.”
Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “I think Cofunds has been quicker to get its adviser charging facility in place where Skandia has fallen behind. This probably means advisers are placing new assets on Cofunds rather than Skandia.”