Cofunds maintains lead as highest selling platform for sixth consecutive quarter

Cofunds, the leading independent platform for financial planning, held its position as the highest selling platform for the sixth consecutive quarter in Q3 2010.
Assets under administration (AUA) grew 12% over the previous quarter, with total gross sales for Q3 2010 reaching £1.9 billion. ISA sales saw a huge leap and were up 52% on the same period last year, according to the latest figures from Fundscape’s confidential platform analysis.
Alastair Conway, Sales & Marketing Director at Cofunds, said: “Advisers continue to put their faith in Cofunds, as these growth figures show. We can’t be successful as a business unless advisers are successful themselves, so that’s why we strive to enable them to do business their way and to do it more easily – our job is to provide choice, not to dictate business models. So it’s extremely gratifying to see our business levels increasing.
“It is also great to see that Fundscape has taken on the challenge of collating quarterly fund sales information across all the platforms – it certainly helps to see the platform market is growing steadily across the board.”
Helen Pridham, Director of Fundscape said: “Platforms are now playing a key role in UK’s retail investment world as the FSA’s recent proposals relating to platforms and the RDR confirm. Cofunds is one of the pioneers and should serve as a role model to newer platforms in terms of its openness.  These players are starting to gain a greater share of the market, but this is no bad thing as competition is good for all concerned and for investors in particular.”