Cofunds broke into the black for the first time in its history last year, posting an operating profit of £400,000.
The platform's profitability in 2008 followed a £2m operating loss in the previous year. Despite the massive market decline in 2008, Cofunds was also able to grow its assets under management - from £14.4bn to £14.6bn. At 21 April, the platform's assets stood at £14.9bn. "Against a backdrop of unprecedented market turbulence and increased competition in the platform space, Cofunds had a hugely successful 2008," CEO Brett Williams says. "There were a number of factors that contributed to the success last year, high levels of new business and the continued growth and development of Cofun...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes