Cofunds set for further deals after cutting back-book demands
Large groups in pricing negotiations with Cofunds are likely to agree deals in the coming weeks after the platform ditched demands for improved terms on back-books of business for many of its ‘top 30' partners, Investment Week understands.
It is believed Cofunds has scrapped plans to improve its terms on existing assets, seen by fund groups as a major barrier to the negotiations.
However, while this demand is off the table for many larger groups, managers outside its 'top 30' partners will not be able to negotiate on Cofunds' proposals.
Cofunds today confirmed it had successfully concluded discussions with Schroders, with the manager likely to have a number of products on the platform's new OBSR panel of funds and model portfolios.
Russell Lancaster, Cofunds fund manager relationship director, says the Schroders tie-up is "extremely positive" for the platform's future plans and he expects further announcements in the next few weeks.
"We are very close to agreeing terms with a handful of our top partners," Lancaster says.
"While we would like to have the vast bulk signed on by the end of November, there is no set deadline to get it done."
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