View more on these topics

Cofunds posts £400,000 profit for 2008

Cofunds has reported operating profit for 2008 of £400,000 in its first profitable year since its launch in 2001.

The figure compares to a £2m loss in 2007. In its financial results for 2008 the platform provider recorded £14.6bn of assets under administration at the end of December, which has since risen to £15bn.

The £400,000 operating profit excluded a £3.6m gain through its long term incentive scheme for company directors, which varies depending on the share value of the business.Last year, Cofunds excluded £9.2m loss made through the incentive plan from its headline £12m loss, because Cofunds does not deem it to be an operational cost.

Cofunds chief executive officer Brett Williams says: “To achieve profitability in such a difficult year is a really significant achievement.

He adds: “We are continuing to invest in the platform., with different pricing options and we will add unbundled pricing as an option.”

Finance and Technology Research Centre director Ian McKenna says: “It has taken Cofunds a very long time to get to profit but as a market innovator they, with others, clearly had to change adviser behaviour.”


IMA reveals hike in Isa sales

Net sales for the 2008-09 Isa season were considerably higher than last year, according to Investment Management Association (IMA) statistics.Between March 1, 2009 and April 6, the so-called Isa season, the IMA records net inflows into Isas of £529.1m. This is up 74% on the last year’s Isa season inflow of £303.8m.Despite the Isa surge […]

Manager focus: Stephen Yorke

Prime residential property in London is at tipping point of a recovery, according to the manager of the Prime London Capital fund, who says investors should see the benefits within the next six months. Stephen Yorke says historical figures indicate prices of homes in central London are set for a v-shaped rise. Between December 1989 […]

Finding security in bond markets

Martin Foden, head of credit research at Royal London Asset Management, explores the role of secured bonds, considering the impact of default and the characteristics of secured bonds versus supranationals and highlighting some examples. He also examines the evolution of the credit market and rating agency inefficiencies. Read the article in full: The value of […]


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