RDR prep eats into Cofunds' profits

clock

Cofunds has reported a 10% dip in profits for last year, citing investment in retail distribution review (RDR) readiness as the reason for the drop.

Profit before tax fell from £7.9m in 2010 to £7.1m in 2011 in what chief executive Martin Davis labelled a "tough" year. Cofunds said RDR preparation - both in terms of getting its systems up to date and helping advisers prepare for a post-2013 world - accounted for the slide in profits. Expenses increased from £56.1m in 2010 to £65.5m in 2011, it said. Elsewhere, the platform saw an increase in turnover from £61.3m in 2010 to £70m last year, whilst assets under administration grew from £30.3m to £35.8m. Gross sales increased 43% from £8.5bn to £12.2bn whilst net sales surged 54...

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

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Will IFA-owned platforms take over the financial advice sector?

Will IFA-owned platforms take over the financial advice sector?

PA talks to industry experts on the future of adviser-owned platforms

Sahar Nazir
clock 27 March 2024 • 9 min read
CGT support from platforms now 'adviser must have'

CGT support from platforms now 'adviser must have'

Shrinking personal allowances dragging more investors into CGT net

Jenna Brown
clock 27 March 2024 • 2 min read
Aviva named the preferred platform provider by advisers

Aviva named the preferred platform provider by advisers

Quilter remains in second place followed by AJ Bell and Transact

Isabel Baxter
clock 04 March 2024 • 1 min read