Cofunds saw strong growth in the third quarter of 2011 due to a substantial amount of enterprise business onto its platform.

Enterprise business covers stockbrokers, life companies, banks and fund managers.

Assets under administration grew by one per cent, compared to, the firm said, a wider platform market drop of 2.3 per cent from Q2 to Q3.

Gross sales on the platform were £4.6bn while net sales were £3.3bn, according to figures from Fundscape’s Platform Report.

The report stated: “In reality, the vast majority of platforms saw their sales volumes shrink during the quarter. What helped to maintain the platform industry’s sales momentum was a substantial shift in ‘enterprise’ business onto the Cofunds platform.”

Cofunds put the strong figures down to diversifying its distribution channels and revenue streams through the development of its Investor, Wealth and Enterprise propositions.

The launch of a new unbundled pricing model was also “very well received” by the market.

Martin Davis, chief executive at Cofunds, said: “We’re extremely pleased with our Q3 performance. Cofunds has outperformed a falling market and we have seen both strong inflows and growth in AUA, during a difficult time for our clients and their customers.

“We’ve seen material and consistent growth across all three of our key propositions, reflecting our continued investment in both our platform and the people that support our clients.

He said the outlook for the future of Cofunds was positive as it would start to see assets coming in from various partnership deals.