Wrap/platforms

A rival to Nutmeg? Under the bonnet of Hargreaves' direct discretionary service

Hargreaves Lansdown has reported a record pre-tax profit of £209.8m for the year to 30 June after it weathered the impact of changes to its charging model and falling returns on cash.

Wrap platform Novia has formed a strategic partnership with Tavistock by teaming up with Cocoon Investments to acquire a £250,000 stake in the business.

Tracker funds saw net retail sales of £532m in July, the highest level since Investment Management Association (IMA) records began twenty two years ago.

The regulator is set to meet members of the Tax Incentivised Savings Association (TISA) to discuss re-registration rules, with the trade body reiterating to platforms best practice guidelines when dealing with super clean share classes after issues arose...

Aegon UK has given the role of managing director of its direct to consumer service Retiready to David Beattie, as part of a management reshuffle.

Wrap Nucleus saw £725m of inflows in the six months to 30 June, with profits jumping 85% as the platform grew its market share.

Advisory and wrap business Raymond James Investment Services has consolidated its return to profit, generating almost £235,000 in 2013.

Royal London has reported a 45% slump in pre-tax profit in H1, pointing to regulatory charges as a key contributor, while its wrap platform Ascentric saw new business slide 20%.

Mark Polson explores Novia's Report Zone