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Review of 2004: Fund supermarkets

Fund supermarkets had another strong year but had to come to terms with the fact that they are maybe not quite as important a distribution channel as some of them might think.

Cofunds was given a bloody nose by fund managers when its attempt to raise charges resulted in a swift piece of backtracking after fund managers flatly refused.

But platforms increased their share of the Pep and Isa markets and collectively passed 10bn in assets under administration.

Skandia remains the grandfather of the fund supermarket universe but Cofunds and FundsNetwork are coming up quickly, dominating sales and both racing past the 3bn mark.

Transfer and re-registration business shielded platforms from the lack of new business flows into the industry but the low-margin nature of the business saw the death of Fundshub -JP Morgan’s brave but ultimately expensive foray into the high-tech world.

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