Platform industry 'nudged' into profit in 2012

The platform industry "nudged" into a collective profit for the first time in its history in 2012, according to figures compiled by Altus.

More than half of all platforms are now reporting a profit, according to Altus. Platform assets under management grew by more than 20% last year while revenue increased by less than 6%. In another first for the industry, the average yield on platform assets dropped below 40bps for the first time in 2012. Altus noted the variation in average yield across platforms ranged from between 15bps and 90bps. Head of consultancy at the group Kevin Okell said this decline would put further pressure on platform providers to reduce costs. He said: "The accounts we analysed relate predomin...