Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a474719

Charles Stanley to take on Hargreaves with new platform

by Iain Martin on Mar 01, 2011 at 07:00

Charles Stanley to take on Hargreaves with new platform

Stockbroker Charles Stanley is moving beyond its high-net-worth client base to target mass affluent clients with the launch of a direct-to-consumer business to challenge Hargreaves Lansdown.

The FTSE 250-listed stockbroking and wealth management group has poached Chartwell director Rob Hudson (pictured) to spearhead the new business, which will also feature a restricted advice service. The firm aims to link its Fastrade share service and its Cofunds-powered funds supermarket Fundschoice to develop the proposal.

‘The two businesses need to offer a joint offering à la Hargreaves Lansdown,’ said Mike Lilwall, Charles Stanley executive director. ‘It is a business of joining the two up, it will not be the launch of a new platform,’ he said. ‘We aim to offer more to the mass affluent…it is an area we think is increasingly important.’

The FTSE stockbroker already has a financial planning arm but has plans to develop a restricted service for mass affluent clients who need advice, added Lilwall. Hudson has resigned from Chartwell, where he was managing director of its Chartwell Direct execution-only platform and will join Charles Stanley, which has £14.3 billion of assets under management, in April. Close Asset Management bought Bristol-based Chartwell for £17 million last year.

Click here for our definitive database on wraps.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy


Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.


Read more...

FOS appoints new chief executive

by Michelle Abrego on Jul 23, 2014 at 15:04

Sorry, this link is not
quite ready yet