Influential financial adviser Brian Dennehy has hit out at Cofunds in an open letter to its chief executive Brett Williams, saying a significant number of IFAs are concerned over the "frequent confusion" in leadership and direction.
The Dennehy Weller & Co managing director says advisers representing about £2bn on the platform have been discussing this issue and are worried Cofunds has become an "asset gatherer", rather than "a utility". Dennehy says advisers have regularly suffered due to a series of poorly delivered projects at Cofunds and this has not improved under Williams' leadership. He adds Cofunds is losing its focus and may be motivated by maximising profit for IPO purposes. Dennehy also attacked Legal & General, saying its addition as a significant shareholder appeared to cause "considerable confusi...
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