Cofunds chief targets profit improvement despite 83% boost in 2014

Scott Sinclair
clock

The chief executive of UK platform giant Cofunds has admitted the business "should be generating more profit" despite an 83% increase in its 2014 pre-tax result, which reversed a multi-year downward trend.

The Legal & General (L&G) owned business, launched in 2001 as a fund supermarket, said it generated pre-tax profits of £7.7m last year, up from £4.2m in 2013. Profit before tax four years ago was £6.8m. Turnover last year was £78.9m, "less than planned", the group said, though, with assets under administration rising from £64.1bn at the end of 2013 to £71.9bn a year later, it added the overall result was "satisfactory given the market conditions experienced during [2014]". CEO David Hobbs said: "There's still much work to be done as we recognise that a business of our scale should ...

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

What golf's distance problem can tell us about the future of platforms

What golf's distance problem can tell us about the future of platforms

'We can't hope to fulfil our potential by standing still'

Steve Andrews
clock 22 April 2026 • 4 min read
Advisers predict platform consolidation amid competition concerns

Advisers predict platform consolidation amid competition concerns

Research from Scottish Widows

Jenna Brown
clock 20 April 2026 • 3 min read
Aberdeen Adviser takes control of Wrap client servicing from FNZ

Aberdeen Adviser takes control of Wrap client servicing from FNZ

Part of simplified operating model

Jenna Brown
clock 14 April 2026 • 2 min read