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Cofunds reports profit

Funds platform Cofunds says it made a post tax profit of £2.3m in 2009.

By Jonathan Boyd, Editor in Chief
Wednesday May 26, 2010

Cofunds says it generated £3.5m in cash in 2009 on its way to a post tax profit of £2.3m.
The platform, which is used to distribute and administer about £25bn worth of funds, reports its net assets increased £19.1m in the period. Profitability has continued into 2010, according to chief executive Brett Williams: “Our profitability has also continued into 2010, in part due to the positive response we have seen from enhancements to the platform such as the Research Centre and Cofunds Pension Account, which we have already delivered this year."

“One of our key objectives is maintaining the right balance between profitability and re-investment. We believe this is central to ensuring that advisers can be confident their platform is run by a stable business that will evolve as they evolve. We hope that advisers are reassured to know that Cofunds is now in the position whereby it can maintain profitability whilst continuing to invest in its development and will therefore be around for the long term.”

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