Cofunds has unveiled plans to significantly ramp-up its execution-only business on the back of a healthy set of financials which saw it post profits of £20m for 2010.
The platform finished the year with post-tax profits of £20.2m, up from £2.3m in 2009, whilst assets under administration (AUM) surged 33.5% to hit the £30bn milestone.
In line with the AUM increase, income increased from £45.2m to £61.3m.
With profit before tax climbing from £0.1m in 2009 to £7.9m, outgoing CEO Charlie Eppinger (pictured) declared 2010 had been a "terrific year".
Setting out a multiple-distribution strategy for 2011, sales and marketing direct Alastair Conway unveiled plans to significantly expand its footprint in the execution-only market - something he dubbed the "missing link" in the platform's armoury.
Conway said Cofunds will shortly upgrade and expand its direct to consumer offering by bringing to market an execution-only solution providing access to collectives, ISAs and pensions
Underlining the importance of the direct to consumer space, Cofunds will produce both an execution-only key features document and one for advisers.
Eppinger said under RDR lots of clients will demand both adviser-led and execution only services as specialist financial advice gets increasingly expensive and advisers look to serve clients more cheaply.
He said new RDR-realities mean it cannot be a case of just offering "one or the other".
But although Eppinger said the execution-only space was an "important piece", he said the platform's advisery business is "more important".
Meanwhile, new CEO Martin Davis - currently openwork chief executive - is due to commence his role on 1 July.
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