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...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes