Platforms

Platform giant Cofunds is set to report a significant drop in net retail sales of more than £1bn for 2012, compared to the previous year.

Total platform industry costs stood £50m higher than revenues in 2011 despite assets under administration of nearly £250bn, according to Altus.

Cofunds has reported an annual profit fall of 15% for 2012, despite increasing turnover and assets under administration (AUA).

Holly Mackay of Platforum expects to see the greatest growth in the workplace savings market, with platforms becoming ubiquitous over time.

Advisory firms who have achieved excellence in running a platform-enabled business or practice are being invited to submit entries for the prestigious annual Aberdeen UK Platform Awards.

Verona Smith, marketing director of Cofunds, is to join The Platforum after exiting the fund supermarket in the wake of its takeover by Legal & General.

Hargreaves Lansdown is asking smaller fund groups to offer their products exclusively through the discount broker, as part of a round of fresh price negotiations.

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.