Royal London purchases Fundsdirect/Ascentric

The group says it has irrevocable approval for around 85% of shares, and expects to complete the acquisition as planned. Part of Royal London’s investment will be used as working capital to support growth in the Fundsdirect business and to accelerate further development of the Ascentric platform. Founded in 1982, Fundsdirect launched the first web-enabled fund supermarket in 1999. Fundsdirect chief executive Hugo Thorman welcomed the move and says Royal London was keen to enter the wrap and third party investment administration market. “They made it clear that our independent whole...