UK-based independent investment platform Cofunds has reported a huge 778 per cent increase in post-tax profits to £20.2 million ($32.9 million) in 2010, compared with £2.3 million in 2009 - thanks largely to a deferred tax credit worth £12.3 million.

Pre-tax profits, although lower, increased even more significantly, up by 7,800 per cent to £7.9 million, compared with just £0.1 million in 2009.

Assets under administration at the firm also jumped by 33.5 per cent, taking Cofunds’ AuA to over £30 billion.

“2010 was an exciting year for us with lots of significant developments,” said Charlie Eppinger, chief executive at Cofunds, referring to the launch of the Cofunds Pension Account, new platform tools and the Research Centre for intermediary clients, and the introduction of a multi-currency offering for institutional clients, all of which took place during the year.

"Looking forward to the rest of 2011 and the arrival of our new CEO, Martin Davis, we're sure we'll continue to drive the business in the right direction to ensure we're equipped to support all of our clients in the short, medium and long-term," added Eppinger.

A profitable 2010 is Cofunds’ third year in a row in the black.