Wrap/platforms

Vertically-integrated wealth management group True Potential has reported a £1bn increase in assets on its platform in 2014, helping group profits almost double to more than £10m.

The potential sales of Transact and Seven Investment Management (7IM), as well as increased scrutiny from the regulator, have prompted advisers to start probing platforms on their exit strategies.

An unidentified problem at Fidelity FundsNetwork caused £50,000 to temporarily ‘disappear' from view from an advised client's portfolio.

Old Mutual Wealth has reported profits from its platform business rose 46% last year as it integrated Intrinsic's 3,000 advisers into the group.

AXA Wealth has moved into profitability following "strong growth across the business", which saw overall funds under management (FUM) increase by 11% last year.

Nutmeg has launched a personal pension charging between 0.3% and 1% depending on contribution, and free of set-up or exit fees.

The Financial Conduct Authority (FCA) has ruled out conducting a study into competition in the retail platforms market - despite industry concerns - but is planning closer scrutiny of fund groups.

Standard Life has reported modest growth in its UK business for 2014, with profits before costs up nearly 6% during the year, driven by demand for the life company's auto-enrolment workplace pensions.

Fidelity FundsNetwork is to make Neil Woodford's Patient Capital trust the first externally-managed investment trust available on the platform, in what it says is a "clear intention" of more to come.

More pictures from the Professional Adviser Awards 2015