Assets held by the corporate platform market are set to double to £600m by the end of the year as new entrants come into the market, according to The Platforum.
In its Workplace Savings Platform Guide, launched in partnership with The Lang Cat today, the platform research and analysis firm estimates total assets at mid-2012 stood at around £300m through a total of 110,000 employees and 130 employer-based schemes.
The Platforum managing director Holly Mackay says: “There are currently nine corporate platforms in the market, with Aegon and Paradigm the most recent entrants. As at mid-2012 we estimate there was around £300m in assets in the market. Based on current reporting pipelines and subsequent schemes won, we expect the numbers to nearly double by the year end.”
Currently Standard Life, Zurich, Friends Life, Hargreaves Lansdown, Fidelity, Legal and General, Paradigm, Aegon and Scottish Widows have corporate platforms, with Aviva due to enter the market before the end of the year.
Aegon launched its workplace savings platform this month, while Paradigm is currently in soft-launch with two adviser firms.
Hargreaves has the largest AUA in the market with £94.8m placed on its Corporate Vantage platform at the end of May. Aegon and Paradimg have yet to report their AUAs, while the other six corporate platforms declined to submit their current level of assets.
Thomas and Thomas Financial Services managing director Darren Lloyd Thomas says: “The growth in the corporate platform space is at odds with the rest of the market, which seems to be slowing down ahead of the RDR.”