Cofunds

Cofunds has scrapped its annual £40 fixed platform charge for clients using its explicit pricing model, following its takeover by Legal & General.

Allfunds Bank has poached another Cofunds director, Bradley Lewis, to spearhead its expansion into the UK market.

Cofunds chief executive Chris Last is to retire from the platform just six months after taking over the role.

The Mixed Investment 20-60% shares was the most popular sector in July for the seventh consecutive month, according to sales data from Cofunds.

Legal & General (L&G) has signalled its intention to become a "major player" in delivering low cost passive investment solutions to UK retail clients as the group saw profits rise 13% in the first half of the year.

Cofunds head of fund group relations Michelle Woodburn is stepping down from the role after six years with the platform.

Old Mutual's Stephen Message is looking to life companies with their own platforms to boost dividend payments for his fund.

Platform giant Cofunds is set to report a significant drop in net retail sales of more than £1bn for 2012, compared to the previous year.

Cofunds has reported an annual profit fall of 15% for 2012, despite increasing turnover and assets under administration (AUA).

Verona Smith, marketing director of Cofunds, is to join The Platforum after exiting the fund supermarket in the wake of its takeover by Legal & General.