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Cofunds profits fall 10% as assets increase by 17%

Cofunds has posted a 10 per cent fall in profits, down to £7.1m from £7.9m in 2010.

The platform’s annual results, published last week, show assets under administration rose by 17 per cent to £36bn, up from £30.3bn.

Cofunds is due to launch its unbundled charging structure in July. The platform was the first to reveal its unbundling charges in September, which is made up of a £40 annual charge and a sliding scale of annual management charges ranging from 0.15 per cent to 0.29 per cent.

Fidelity FundsNetwork launched its unbundled model earlier this month while Skandia will do so in the fourth quarter.

Cofunds chief executive Martin Davis says: “Our sustained profitability enables us to make significant investment back into the business, ensuring we can continue to deliver the services and support our clients need in this pivotal year.

“This is a significant achievement, especially given the importance that advisers quite rightly put on the financial strength of the platform to which they entrust their clients’ money.”

Murphy Financial associate partner Adrian Murphy says: “The fact that Cofunds had an AUA of £36bn but only made a profit of £7m shows how difficult it is to make a profit in the platform industry.”



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