Tomas Carruthers, former ceo of interactive investor, has managed to buy back the Ample online news and financial advice site which was sold to AMP three years ago.
Acquired under the company name of Carruthers Associates Limited, chairman and ceo Carruthers has plans to develop the consumer-based iii site – with 1.4m users – previously known as "iii" to include business-to-business and ‘intermediated’ offerings as well as service improvements and new products.
Alan Easter, sales and marketing director at Carruthers says the firm has no plans to become an IFA, but instead has ideas to develop its existing framework and content with the same pricing and products as its current users enjoy.
Moreover, the fund platform operation has its sights set on extending its functionality - with access to over 500 funds - to the banking, corporate and IFA sector as a paperless aggregation and product support website.
It is believed Carruthers has bought the site and name for a fraction of the £60m paid by AMP in 2001.
A new management team has been assembled and has the "significant" backing of institutional investors for further growth and a strategic review of the entire business should be completed by the end of March.IFAonline
View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions