Ascentric acquires Fundsdirect

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Asset consolidation service Ascentric, led by former Cofunds chief executive Clive Boothman, has bought web-based supermarket Fundsdirect from Egg with the aim of providing a full wrap offering to advisers. Fundsdirect, which was set up in 1999, currently offers 1,500 funds from 80 managers but has been focused primarily on direct consumer sales. Ascentric is to expand this range by adding in direct equities, bonds and investment trusts to the mutual fund range. It will also refocus its work towards intermediaries, under its own brand, although it is likely that the consumer sales will r...

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