Given the degree of change experienced at all levels of the industry as a result of RDR, this represented a strong performance for the platform market and provides optimism for significant market growth in 2013.
Alongside the RDR enhancements to the platform, 2012 was a busy year for us with the launch of the Ascentric Offshore Bond, Junior Isa and the first automatic re-registration between Fidelity and ourselves to name but a few. We don't expect 2013 to be any quieter development-wise given the ongoing need to support RDR. 
But it is the growing client and market demand on platforms for more functionality which is bringing platform profitability and the consequent ability to invest in new technology into sharper focus. While it makes for an exciting and challenging sector, it also acts as a potential deterrent for any new entrant unless it has very deep pockets. It also throws up the question that if an existing platform is still struggling to reach profitability, how will it be able to meet these requirements?
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After hitting profitability in April 2011 we made the decision to reinvest these profits in our underlying technology. This approach will see us delivering an improved look and feel to our screens and enhanced model portfolio functionality during 2013. Back office services are becoming increasingly commoditised, which is why we are also investigating third party solutions to help us increase our operational flexibility in a cost efficient way.
And with demand for execution only services likely to grow in 2013, we will offer advisers a white label, 'low touch' service where clients can self-serve without the need for advice. This focus on new technology backs up our commitment to deliver a superior value wrap service that will meet client demand and make our distributors successful.