Prudential is believed to be in talks with senior representatives of intermediary fund supermarket C...
Prudential is believed to be in talks with senior representatives of intermediary fund supermarket Cofunds about buying the platform and integrating it into Egg, its internet bank.
Although there is no official tender out in the market, Prudential is understood to be interested in the platform, which was created by Gartmore, Threadneedle, Jupiter and M&G.
Sources say Prudential may use the Cofunds system as part of its PruLab venture, one of the life assurer's future projects. However, Prudential has refused to comment on market speculation. M&G, which is owned by the Pru, has also declined to comment.
According to industry sources, Cofunds was previously approached by bidders for the intermediary supermarket, who were subsequently directed to a city intermediary that looks after shareholders' interests.
Jupiter and M&G have categorically denied that they have been approached by Prudential to sell the Cofunds platform. Cofunds chief executive Sam Jensen has refuted speculation that the platform is up for sale.
Earlier this year, Investment Week reported that Cofunds received a third wave of funding from its shareholders, in addition to the £35m it had already been given, to enable it to achieve its goal of electronic trading.
Developed by industry-wide group
Joined in 2002
'Educate clients' children'
Raised £15m earlier this week
From 8pm Friday 19 October