Platform Transact has reported that quarterly Funds Under Direction fell 11% in the first quarter (to 31 March) from £39.31bn to £34.99bn, a drop of £4.4bn.
Platform Transact is to trim annual and buy commission charges in the spring as platform competition intensifies.
Standard Life Wrap, the adviser platform, is to to cut some SIPP charges in a move to simplify and reduce charges overall for using its platform.
Foster Denovo has launched its own investment platform for advisers alongside a new range of Dynamic Portfolios (DPs).
Platform and SIPP provider AJ Bell today reported pre-tax profits for the latest six-month period up 27% to £17.7m in its first results since floating in December.
Growing wealth manager and Financial Planner Quilter is planning major investment in its new UK Platform which will see it add SIPP capabilities, Junior ISAs and cash accounts.
SIPP and platform operator AJ Bell is likely to be valued at between £626m and £675m when it floats on the stock market in December, the company predicts.
AJ Bell, the rapidly growing platform and Sipp provider, had declined to comment on reports it is planning to float on the stock market.
Sipp provider Dentons Pension Management Limited has hired Salvatore Seminerio as business development manager for the Northern Home Counties and East of England.
Patrick Mill, chief executive of platform and Sipp provider Alliance Trust Savings, has stepped down from the after role five and half years at the helm.
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