Wrap/platforms

Axa Wealth has added 850 clean share classes to the Elevate platform, meaning that 90% of funds on the platform are now available with this option.

Platform Novia has seen its profits before tax jump by more than a fifth in 2012, after assets climbed sharply to rise above £1.4bn.

Axa Portfolio Services - the parent company of the Axa Elevate platform - has reported a pre-tax loss of £29.9m for the year ending 31 December 2012, representing a 10% improvement on the £33.5m loss recorded for 2011.

PLATFORMS

Raymond James has launched a bundled pricing model on its platform as part of a drive to attract smaller investors.

HM Revenue & Customs (HMRC) issued a number of clarifications on the updated tax rebate position following requests from providers.

Cofunds has appointed Matt Benson as the head of operations.

Momentum Global Investments Management's Factor Series fund range is now available via the Standard Life Wrap and Fundzone.

Some of the UK's largest fund houses are considering launching retail share classes with a 0% AMC rather than provide platforms with ‘super clean' alternatives.

Capital gains tax (CGT) charges will be rolled over until disposal when switching to clean share classes, under new rules introduced by HM Revenue & Customs (HMRC).