Platforms

Charlie Eppinger, chairman of Cofunds, will step down with immediate effect following the completion of the platform's acquisition by L&G.

Plans to allow platforms to negotiate individual terms with fund groups could cost the industry millions of pounds, asset management giant M&G has warned.

Standard Life has confirmed it is to pay the recently announced rebate tax for its platform users until the end of this year.

Cofunds is to hire Suffolk Life's David Hobbs as managing director of operational services in the latest shake-up at the platform.

Verona Smith, Cofunds marketing director, has exited the platform following its takeover by Legal & General, Investment Week understands.

Skandia has taken a number of steps to speed up re-registration processes with platforms that are currently unable to handle automated re-registration.

Skandia has said its discounted fund panel Select will not be affected by the Financial Conduct Authority's (FCA's) final rules on platforms, despite a ban on subsidies.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, reported assets under management rose by 8% in Q1 to £74.5bn, driven by a stronger performance in areas like its international business.

Cofunds CEO Martin Davis is to leave the business following a restructure in the wake of its sale to Legal & General (L&G).

AXA Wealth's Elevate platform has seen assets under management increase 50% from £4bn to £6bn, according to its first quarter results.