Wrap/platforms

Platform sales reached a new record in the second quarter, according to a Fundscape report which pointed to Budget reforms as a key driver of the surge in interest.

Insurer Zurich UK Life has recovered after taking a hit in its bond business last year, posting a 10% rise in operating profits in the first half of the year.

Old Mutual Wealth's soon to be re-branded Skandia platform today reported profits had jumped 400% in the first half of 2014 to £10m, while assets in its recently-launched WealthSelect range hit £1bn.

Legal & General is to roll out an expanded D2C platform offering by the end of 2014 as it seeks to complement Cofunds with an enhanced direct service.

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.