Only a handful able to achieve profitability
Trading charges of 5bps
It is that time of year again when Investment Week reveals the winners of the highly prized Aberdeen Platform awards. Congratulations to all the winners and runners-up.
Eighth charging reduction since 2008
Exclusive talks with parent L&G
Strategy to grow Solutions business
Provider LV= has bought a majority stake in robo-advice operation Wealth Wizards.
An award for the direct platform offering the most transparent and plain-English charges, terms and conditions has no recipient for the second year running.
Average investors have seen their platform costs tumble by almost a fifth in the last five years, according to research by the lang cat, but advisers are not favouring the cheaper options.
Platform group Allfunds Bank has hired Simon Shapland to head up its UK and Ireland business, following the departure of UK managing director Stephen Mohan.
Legal & General's decision to invite offers for Cofunds just two years after it bought the platform is fraught with a number of potential pitfalls, according to industry commentators.
The Caledonia investment trust has agreed to acquire a 94% stake in Seven Investment Management in a deal valuing the firm at £100m.
Legal & General is understood to be considering a sale of its Cofunds platform, just over two years after it sealed a deal to take full ownership.
Insurer Aviva has launched a direct to consumer (D2C) platform giving consumers access to a general investment account, and ISA and a self-invested personal pension (SIPP).
Stephen Mohan, UK director at Europe's largest platform group Allfunds Bank, is set to leave the firm, Investment Week understands.
Aberdeen Asset Management is to partner with pensions consultancy Hymans Robertson for a service which will see it use the firm's technology to target direct investors for the first time.
Hargreaves Lansdown has launched six "ready-made" portfolios for non-advised investors, offering access to its £5bn multi-manager range for an ongoing fee below 2%.
Hargreaves Lansdown unveiled plans for a new non-advised service in its latest trading update, but its shares fell as it revealed rising costs including an FSCS levy of £4.6m
Why the old life company service model just doesn't work
Fees charged by discretionary fund managers to platforms are set to face the same downwards pressure being seen elsewhere in the industry, Nucleus business development director Barry Neilson has predicted.
A "combination of politics and pensions" contributed to slower sales across platforms in the first three months of the year, with the year-on-year (YOY) asset growth rate also receding, according to research.
Brewin Dolphin's sale of execution-only platform Stocktrade to Alliance Trust has been tipped to prompt a further turnaround in investors' view of the wealth manager.
AXA Wealth reported record inflows to its wrap platform Elevate in the month before the 6 April introduction of widespread pension reforms, taking total assets beyond £10bn and pushing the group's overall funds under management (FUM) closer to the £30bn...
Advisers are likely to consolidate their platform usage once the sunset clause comes into force, but face problems when it comes to tracking down less active clients.