Internet bank Egg is set to acquire fund supermarket Fundsdirect in the next phase of its plans for ...
Internet bank Egg is set to acquire fund supermarket Fundsdirect in the next phase of its plans for international expansion.
Egg said that the acquisition of Fundsdirect "combines Egg's leading edge, scale, digital service capability and consumer offering with Fundsdirect's proven ability to serve the B2B marketplace".
Owen Kember, marketing manager of Fundsdirect, said the company "envisages that the future of fund supermarkets will be in the business-to-business (B2B) and business-to-intermediary (B2I) market".
He says that Fundsdirect already whitelabels its fund supermarket platform to financial institutions throughout Europe but they are still in the soft launch phase. The company is due to launch a B2B service to whitelabel its platform for independent financial advisers shortly.
Fundsdirect was launched in December 1999, claiming to be first online fund supermarket in the UK. It currently offers 1,500 unit trusts and open ended investment companies (OEICs) from 84 fund managers and has sold to 1,800 consumers directly.
A spokesman for Egg added that Fundsdirect is regulated to distribute funds in the 13 member states of the European Union.
The deal will be finalised in a few weeks and is still subject to regulatory approval.
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