Wrap/platforms

Openwork has announced it will launch its own wrap platform powered by Investment Funds Direct Limited (IFDL).

Fidelity Worldwide Investment has appointed Mark Till as head of UK direct business as it looks to ramp up its activities in the execution-only market.

Cofunds is about to sign an execution-only deal with a bank as the platform looks to gain further traction in the investor space.

Advisers have been warned customers may drift away from them and question the value of their service if they use just one platform.

The European Commission's draft Markets in Financial Instruments Directive (MiFID) II would, if implemented, ban platforms from issuing fees to discretionary fund managers (DFMs), which would have to come direct from clients.

Fidelity FundsNetwork is launching a new third party discretionary management service for advisers.

Advisers believe proposals to re-label the Investment Management Association's fund sectors will not help consumers better understand the levels of risk the funds carry, research suggests.

Platform Cofunds has appointed Axa Wealth's Andy Coleman as head of sales for its wealth and investor channels.

JPJShare.com, the execution-only stockbroker owned by Rivington Street Holdings, has launched a fund platform.

Fidelity International - now Fidelity Worldwide Investment - has called on the FSA to "look at the Australian approach" after its Treasury announced platforms could continue to receive fund manager rebates.