Cofunds, the UK IFA platform, said it gained £3.5 billion ($5.6 billion) in assets under administration in the opening quarter of the year.

Together with the 17 per cent boost in 2011, the firm’s AuA amounted to nearly £40 billion at the end of March.

Cofunds almost trebled its IT resource last year and has said it will be looking to launch several new initiatives this year to support IFAs in the run-up to the implementation of the Retail Distribution Review. The RDR, which comes into force at the start of 2013, will see a raft of changes to the UK advisory industry, such as changes to charging structures and new minimum qualifications.