// Cofunds

10 Nov 2014 Summer slows the pace of platform sales – third quarter 2014

New style ISAs, pension reform and an improving UK economy set the scene for a good start to the third quarter of the year for platforms. July was a bumper month, but the summer holiday season, growing economic uncertainty and the Scottish vote eventually took their toll on the quarter’s flows. Total platform assets under administration rose by £9.7bn to £326.4bn, a rise of 3.2% on the previous quarter, but 19.3% on the third quarter of 2013. Gross sales for the first three months of the year totalled £19.4bn, up 13.6% on like-for-like sales in 2013, but down on last quarter’s £21.2bn.  It was the same for net sales, which rose by 3.9% to £9.4bn relative to the third quarter of 2013, but were down 15% quarter on quarter. Click here to read the rest of the press release.
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08 Aug 2014 Record platform sales in the second quarter

The second quarter kicked off with a bang. Stock markets were on the rise and one ISA season was coming to its feverish close while another was just beginning. The UK’s ongoing economic recovery, shock budget announcements and the lead up to the world cup also provided that all-important feel-good factor that helps to drive investment. Total platform assets under administration rose by £14bn to £317.3bn, a rise of 5% on the previous quarter, while new records were set for sales. Gross sales for the first three months of the year totalled £21.2bn, up 19% on like-for-like sales in 2013, and net sales rose by 21% to £11.0bn. To download the full press release click here.
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15 May 2014 Robust start to the year for platforms in Q1

Owing to geopolitical uncertainty, the first quarter of 2014 was more volatile for investment growth, but platforms swam against the tide thanks to strong sales. In the first three months of the year, the stock market contracted by 3%. Platforms are inevitably affected by market movements, but instead of shrinking, total platform assets actually increased by 3.3% to £304bn over the quarter.

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07 Nov 2013 A sizzling summer for the platform industry – third quarter update

The summer period is usually one of the quieter quarters of the year, but an improving economic outlook and the ongoing effect of the Retail Distribution Review (RDR) led to a bumper quarter for platforms. Total platform assets under administration were £267bn, up 7% in the second quarter, and comfortably ahead of FTSE All-Share growth of 5%.

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26 Mar 2013 L&G acquires Cofunds

After months, if not years of rumour, L&G has finally acquired the Cofunds platform.  The insurance company was one of six shareholders that first came together to challenge Fidelity in the supermarket world more than 12 years ago.  Since then, Cofunds has grown to assets of more than £50bn and is the leading platform in the market by AUA. It grew and became part of the established platform industry, losing its newcomer, cutting-edge status in the process.  Which may well be why the other five stakeholders were willing to sell to L&G — that and the fact that running a platform business is very expensive.
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