RDR prep eats into Cofunds' profits

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...