Independent wrap platform IFDL is putting its direct-to-consumer (D2C) business Fundsdirect up for sale.
The group said the fund supermarket is not seen as core to its ongoing business strategy of providing investment administration services to intermediaries.
Launched in 1999, Fundsdirect currently has 2,000 customers with around £23m of assets under administration. IFDL is seeking a purchaser of the Fundsdirect assets together with the client base.
Hugo Thorman (pictured), managing director at IFDL, said: "Fundsdirect participates in the D2C market which is expected to benefit hugely from [the] Retail Distribution Review but it is ultimately at odds with our ongoing strategy which is to focus on intermediaries.
"Obviously we would expect to continue to administer the assets and products for the new owner. Research suggests that there will be strong consumer demand for access to direct platforms, giving a new entrant a great springboard for growth in this market."
Thorman said the company operates primarily as a provider to introducers and the sale of the D2C platform removes any potential conflicts of interest.
IFDL said the development marks a shift in the company's approach to execution only services. It is currently developing a new B2B2C (Business to Business to Consumer) platform, which will allow distributors to set up their own non-advised business stream.
Achievements, charity work and other happy snippets
Laughable excuses for persisting
Spent 56 years at Schroders
Warns on profits