Royal London sells D2C platform client bank to Strawberry

Laura Miller
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Royal London has sold the client bank of its old direct to consumer (D2C) fund platform, Fundsdirect, to online direct investment firm Strawberry Invest.

The Fundsdirect transaction will see just over £15m of assets initially transfer to Strawberry with the potential for this figure to increase to £21m over the coming 12 months, Strawberry said in a statement. Over 400 clients will be added to Strawberry's existing client base with the prospect of a further 400 accounts moving over in the next year. Strawberry said it hoped the deal will "broaden its reach to a greater number of investors". It said it will reduce costs to existing Fundsdirect clients by an average of 12.5%. Royal London launched the Fundsdirect online fund superm...

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