Rowan & Co, an asset management firm based in Bath, is to launch an execution only online service on...
Rowan & Co, an asset management firm based in Bath, is to launch an execution only online service on 1 December, which will enable consumers to buy and sell unit trusts, Oeics and Isas over the internet.
The site, which is located at www.fundsdirect.co.uk, features access to 1,500 UK authorised funds and is commission free. Rowan & Co, formerly known as Farlake Group, plans to rebate all initial commissions and discounts offered on the funds to investors.
While Isas can be traded entirely electronically, unit trusts and Oeics still require a hard copy signature.
Sean Ewing, chairman at Rowan & Company, said: "Users will have to download the application forms but can still use Switch cards to pay electronically. From the moment we receive confirmation on debit or have received the funds we are in a position to deal. We will take the risk and allow investors to then send in the signed application."
The site allows investors to search for funds using a range of criteria, including the specific fund name, management group, sector or category. This section includes an interface to Standard & Poor's analyst database, which holds all the fund information, including performance tables and fund fact sheets.
When users decide which funds they would like to invest in, they simply click on the name and it is put in a shopping basket. At the end the user is presented with the total amount they have chosen to invest and the funds picked.
Chris St John to take over £3bn UK Select Opps
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
Short-term noise or something sinister?