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Cofunds stays top of The Platforum AUA table

Findlater-Freddie-The Platforum-2013
Freddie Findlater

Cofunds kept the top spot on The Platforum’s assets under administration leaderboard in the first quarter of 2013 following AUA growth of 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, up 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: “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.”

Yellowtail Financial Planning managing director Dennis Hall says: “The general trend is that more and more assets are being put on platforms. Cofunds has been in the game for a long time and is reaping the benefits of this.”

The Platforum Q1 AUA 2013

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