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‘Platforms punching above weight in assets’

Skandia’s assets under administration increased to £40.2bn in the first quarter of 2012, a 6 per cent rise from £38bn in the final quarter 2011, according to The Platforum.

Quarterly growth figures published by The Platforum last week show Cofunds’ assets increased by 10 per cent to £39.2bn from £35.8bn in the final quarter of last year while FundsNetwork’s assets increased by 9 per cent from £34.4bn to £37.5bn.

Sippcentre saw its assets increase 3 per cent from £11.84bn to £12.2bn in Q1 while Standard Life saw an increase of 11.1 per cent from £11.3bn to £12.6bn.

Assets on the Transact platform rose by 7 per cent from £10.65bn to £11.39bn while Ascentric, Axa Elevate and Nucleus all saw rises of 13 per cent, 15 per cent and 14 per cent respectively. Total platform assets rose by 7.9 per cent to £190.3bn from £176.4bn.

The Platforum managing director Holly Mackay says: “We have seen some strong, positive growth and a number of platforms are really punching above their weight in terms of net sales. However, anyone waiting for platform floodgates to open pre-RDR is being overly ambitious. We still talk to many advisers who are uncertain about which platform to commit to.”

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