The largest market share of a single platform has also fallen in the period, according to research conducted by The Platforum. Skandia accounted for the largest proportion of platform business in 2010, 35%, but at the end of Q1 2013 Cofunds held the dominant market position with 21% of all platform business.
Charlie Eppinger, chairman of Cofunds, stepped down last week following the completion of L&G’s purchase of the business.
The graph shows the top five patforms by AUM in Q1 2010 and Q1 2013. Transact has slipped out of the top five over the past three years, being replaced by James Hay.
Standard Life has been the only platform to increase its market share over the past three years with an increase of 1.5% points over the period.
Data provided by The Platforum’s research partner, Matrix Solutions, shows that £10.6bn, 60%, of total new fund business was written onto platforms during Q1 2013.
The Platforum managing director Holly Mackay said: “This change has been caused by new entrants coming to market, by proportionately stronger net sales amongst the newer platforms and by ongoing adviser support and adoption of the 30 platforms active in the adviser space today. We think the removal of trail commission on platforms from 2016 will see substantial shifts of assets over the coming two years.”
