Platforms

PLATFORMS

Old Mutual Wealth has reported a pre-tax profit increase of 14% for the first half of the year to £108m, driven by a surge in gross inflows over the period.

Skandia, part of Old Mutual Wealth, is to outsource its administration to global IT and outsourcing firm International Financial Data Services (IFDS) in a 20-year contract.

The majority of advisers are positive on the impact the retail distribution review (RDR) will have on consumer confidence, while many have said there are signs it has already started to improve.

Legal & General (L&G) has signalled its intention to become a "major player" in delivering low cost passive investment solutions to UK retail clients as the group saw profits rise 13% in the first half of the year.

Fidelity is to cut the annual management charge on its range of 15 multi-asset funds for advisers investing through its FundsNetwork platform, after the Financial Conduct Authority banned a cross-subsidy deal.

Former Skandia marketing head Nick Dixon is to join Aegon UK as investment director, Investment Week understands.

The Financial Conduct Authority (FCA) has agreed to issue further guidance on the treatment of legacy cash rebates as part of its next quarterly consultation paper.

Cofunds head of fund group relations Michelle Woodburn is stepping down from the role after six years with the platform.

Independent wrap platform IFDL is putting its direct-to-consumer (D2C) business Fundsdirect up for sale.