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Cofunds tops Platforum’s latest AUA table

Adviser asks if AUA figures present a true picture of service quality

Cofunds continues to top the Platforum’s latest assets under administration with £58.27bn at the end of Q3.

The Legal & General-owned platform announced last week it had passed the £60bn AUA mark. FundsNetwork stood at £45.87bn, Skandia at £27.45bn and Standard Life at £18.12bn at the end of September.

Cofunds saw the largest increase, adding £4.5bn. FundsNetwork added £1.9bn, Standard Life added £1.4bn while Skandia saw a £1.1bn increase.

Elevate, Nucleus, Cofunds, Ascentric and Standard life all increased AUA by more than 8 per cent for the three months to September.

Nucleus showed the largest percentage increase as its AUA increased 8.84 per cent to £5.91bn. Ascentric increased by 8.74 per cent, Cofunds by 8.53 per cent, Elevate 8.5 per cent and Standard Life 8.15 per cent.

The growth from smaller platforms has seen the share of the market taken by the top five platforms decrease from 85 per cent to 65 per cent in the last three years.

James Hay saw the smallest proportional increase, 1.81 per cent, while Seven Investment Management had the smallest AUA increase of £240m.
Total AUA among the top 12 platforms stood at £247.34bn by the close of the third quarter.

Skandia changed the way it reported data earlier this year and no longer reports legacy business.

Concept Financial Planning managing director Paul Richardson says: “Figures like this allow larger players to say ‘we are bigger than you’ but it does not make them better. Big is not necessarily beautiful anymore but the question is can the smaller players stay out there and make money? I think they can.”

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