UK investment platform Cofunds has registered a pre-tax profits of £7.7m for 2014, up 83% compared to £4.2m a year ago.
The firm’s assets under administration for the year 2014 were £71.9bn, up from £64.1bn in 2013. Retail pension assets on the platform reached £3.2bn in 2014.
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However, the platform’s net inflows dipped to £5.4bn, as against £10.1bn a year earlier.
Cofunds chief executive David Hobbs commented, "2014 was another strong year where we continued to grow our AUA and cemented our position as the largest platform provider in the UK.
"Gross profits increased significantly year on year, thanks to a combination of our high AUA, strong inflows from all channels – advisory, self-directed, institutional and bancassurance – and operational service programmes delivering cost efficiencies."
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