Cofunds has overtaken Skandia to take the top spot in platform assets under administration, after its assets rose 4 per cent from £39.2bn to £40.7bn in the second quarter.
Research from The Platforum shows Skandia’s AUA fell 3 per cent from £40.2bn at the end of Q1 to £39.bn at the end of Q2, putting it in second place.
Fidelity FundsNetwork is in third after its assets fell 8 per cent from £37.5bn to £34.4bn.
Total platform assets fell 0.6 per cent in the second quarter to £189.2bn, compared with £190bn at the end of Q1. The Platforum attributes the drop to volatile markets.
The Platforum managing director Holly Mackay 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: “Cofunds has been quicker to get its adviser charging facility in place whilst we still await Skandia’s plans.”