Wrap/platforms

Annuity margins at insurer Standard Life were down 59% in the first half of the year due to the sweeping changes to retirement income announced in the Budget, latest results show.

Axa Wealth saw funds under management on its wrap proposition Elevate rise by £2bn in the last 12 months.

Provider Aviva has dropped the £100 a year drawdown charge on its platform.

Transact has appointed Goldman Sachs to broker a full sale of the business, with senior staff open to an exit if a takeover is agreed, Professional Adviser's sister title Investment Week understands.

The use of super clean share classes by certain platforms is beginning to cause 'unintended restrictions' for clients trying to re-register to alternative platforms.

Jon Taylor, head of the former Co-op life insurance business, is to replace Hugo Thorman as managing director of platform Ascentric.

The Fastrak to efficiency?

Provider Aviva's platform is on course to achieve profitability in 2016 and its target of £6bn in assets under management (AUM) by the end of this year, after its AUM has doubled in the last 12 months.

Platforms are racing to update their conversion programmes as advisers complain about hefty charges when switching clients into clean share classes.

Zurich has overhauled its platform fee structure and announced a cut in its initial investment charge for all clients.