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Cofunds stays top of The Platforum AUA table

Findlater-Freddie-The Platforum-2013
Freddie Findlater

Cofunds maintained the top spot on the The Platforum assets under administration leaderboard in the first quarter of 2013 as its AUA grew 10 per cent.

The L&G-owned platform saw AUA rise from £47.72bn in the final quarter of 2012 to £52.28bn in Q1.

Skandia retains second place, having increased assets by 7 per cent to £44.88bn, up from £42bn in the previous quarter.

FundsNetwork and Standard Life take third and fourth place respectively. FundsNetwork saw AUA increase 9 per cent from £39.87bn to £43.59bn.

Standard increased its assets by 12 per cent to £16.2bn, up from £14.4bn in Q4 last year.

Fifth-placed James Hay’s assets rose 4 per cent from £14bn to £14.5bn.

At the beginning of Q3 last year, James Hay moved all its Sipp business onto the platform, which saw its assets under administration jump from £800m at the end of 2011 to £14bn.

Transact lies in sixth place after increasing AUA by 9 per cent to £13.5bn, up from £12.44bn.

Aviva Wrap had the biggest percentage increase as assets rose 25 per cent to £1.57bn, up from £1.26bn. Parmenion increased AUA by 20 per cent to £600m from £500m, while Novia increased its wrap assets by 19 per cent from £1.42bn to £1.69bn.

Total platform assets increased 9 per cent to £244bn.

The Platforum head of adviser platforms Freddie Findlater says: “We have seen some impressive growth across the board this quarter in terms of AUA, so it would seem wrong to suggest that platforms that rely on IFAs are struggling to build assets in the short-term.

“Whilst some of this strong performance can be attributed to a good quarter for the FTSE, the data on net sales we have received so far suggest this has been a bumper quarter for many groups.”

The Platforum Q1 AUA 2013

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. This is so much fluff and spin. Cofunds (unlike Skandia) have a very large institutional customer base. From what I have heard in certain quarters the institutions are far from happy about the increased charges. As far as IFAs are concerned Skandia looks like being the platform of choice. If you want an execution only site, then Cofunds is the place to go, but if you are an ADVISER Cofunds doesn’t make things easy.
    Skandia’s service proposition is (in my experience over the last 25 years) second to none. They also have a first class Technical helpline – one of the very few. Their web site is not nearly as good as Cofunds, but it is getting better. Cofunds have a wider choice of funds. It is hoped that Skandia catches up. But most importantly Skandia listens to its IFAs and has propositions that suit them and their clients. Cofunds has a take it or leave it attitude – that seems to be very much L&G culture.

    (I use both platforms)

  2. Colin Fergusson 7th May 2013 at 9:45 am

    Strange over the quarter the FTSE rose 10.32% in the period and the Mixed 60% – 85% equities rose by 8.39%. If you factor this in, then AUA for many providers have flatlined!

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