Legal & General (L&G) has bought a 25% stake in the UK's largest independent fund supermarket, Cofunds. Subject to regulatory approval, L&G will invest £18.6m, which will see the company become Cofunds largest shareholder and hold a seat on the board. Shareholders have also committed a further £7m facility to be drawn down as required and are converting their existing loans to Cofunds into equity. This should provide sufficient capital to see the company through to profitability. Commenting on the deal, L&G group director (retail distribution), Kate Avery, said: "Where as other groups hav...
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