Cofunds' flows drop as parent looks to improve platform's 'efficiency'

Cofunds project part of digital savings business strategic review

clock

Cofunds' parent company Legal & General (L&G) has announced it is looking to improve the 'operational efficiency' of the platform, which reported a drop in net asset flows compared to last year.

The insurance and investment group, which became the sole owner of the business in May this year, said the project at Cofunds is part of a strategic review of its digital savings business. Despite being the largest shareholder in Cofunds since 2005, before buying the remaining stake earlier this year, reports have suggested L&G is looking to offload the platform. In its latest results, L&G revealed Cofunds has generated year-to-date net flows of £2.6bn, but this was lower than the £4bn gained in the corresponding nine-month period last year. Total assets continue to climb and have ...

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 Investment

Future of Investment Festival: Our specialist sessions for advisers

Future of Investment Festival: Our specialist sessions for advisers

Future-proofing advice, building sustainable portfolios, all things SDR

Professional Adviser
clock 19 April 2024 • 2 min read
Why non-transparent managers are behind most failed acquisitions

Why non-transparent managers are behind most failed acquisitions

‘They don’t understand the importance of culture and cohesion’

Rami Cassis
clock 12 April 2024 • 3 min read
Partner Insight: Understanding the investment universe

Partner Insight: Understanding the investment universe

Invesco
clock 12 April 2024 • 6 min read