Funds

Platform sales reached a new record in the second quarter, according to a Fundscape report which pointed to Budget reforms as a key driver of the surge in interest.

Aviva UK has reported a 21% drop in the value of new life business it wrote in the first half of the year, mainly due to a steep fall in annuity business.

Old Mutual Wealth's soon to be re-branded Skandia platform today reported profits had jumped 400% in the first half of 2014 to £10m, while assets in its recently-launched WealthSelect range hit £1bn.

Legal & General is to roll out an expanded D2C platform offering by the end of 2014 as it seeks to complement Cofunds with an enhanced direct service.

Assets on AXA Wealth's Elevate platform rose 31% to £8.4bn in the first half of the year, as the wider business approached break-even point.

INVESTMENT TRUSTS

Transact has appointed Goldman Sachs to broker a full sale of the business, with senior staff open to an exit if a takeover is agreed, Investment Week understands.

Jon Taylor, head of the former Co-op life insurance business, is to replace Hugo Thorman as managing director of platform Ascentric.

Platform Parmenion has reported a surge in profits of more than 100% in the last year, after its assets under management rose above £1bn.

Eighteen websites have been suspended and arrests made during a campaign, being revamped on Thursday, against pensions liberation schemes.