Who has topped The Platforum’s latest AUA table?

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The Platforum head of adviser platforms Freddie Findlater

Cofunds has held on to the top spot on The Platforum’s latest assets under administration leaderboard as Skandia is pushed into third following an overhaul of how it reports assets.

Cofunds, owned by Legal & General, remains the largest platform in the market, with a 3 per cent rise in AUA from £52.28bn as at 31 March to £53.7bn as at 30 June.

Fidelity FundsNetwork has gone from third to second place, despite AUA remaining broadly flat at £43.99bn.

Skandia has been pushed to third place after it decided to dramatically change the way it reports assets to The Platforum and other data collectors. The platform now strips out legacy business from its reporting figures and only provides data on new business figures. The move has seen Skandia’s stated AUA plummet from over £44bn in Q1 to £26.36bn in Q2.

The Platforum head of adviser platforms Freddie Findlater says: “This is an exceptionally bold, but positive move by Skandia.

“For years we have been campaigning for transparency in this market and often we come up against groups who like to chuck in the kitchen sink when reporting AUA figures – Skandia have gone the other way by focusing on their core platform business.

“This sends a message out to other providers and should help provide financial advisers with a level of clarity.”

Standard Life has taken fourth place, while James Hay and Transact complete the table coming fifth and sixth place respectively.

Standard Life saw assets increase 3 per cent from £16.2bn to £16.76bn.

AUA at James Hay and Transact remained flat, with James Hay reporting assets of £14.73bn and Transact reporting £13.71bn.

Aegon’s ARC platform saw the biggest increase in AUA over the quarter, up 315 per cent from £130m to £550m.

Overall total platform assets fell 5 per cent from £244bn to £231bn, following Skandia’s reporting change.

Platform AUA £bn (As at 31st March 13) AUA £bn (As at 30th June 13)

Cofunds

£52.28

£53.70

FundsNetwork

£43.59

£43.99

Skandia

£26.13

£26.36

Standard Life

£16.20

£16.76

James Hay

£14.50

£14.73

Transact

£13.50

£13.71

Source: The Platforum