Cofunds posts first yearly profit

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...