Spider good deal
A little bit smaller than the L&G and Cofunds deals but an important platform acquisition nonetheless Brighton-based Antrams Financial Services acquired execution-only website Moneyspider.com to provide a service for its lower-net-worth clients.
The proposition is aimed at clients with around £25,000 to invest and it already has 1,500 clients and £38 million in assets under administration.
Lester Killip (pictured), senior financial planner at Antrams, said: ‘We wanted two things: an avenue for smaller clients who wanted to do their own ISAs and collectives and, in addition, we’ll perhaps look at developing the system for IFAs to use for their clients.’
Killip said acquiring the service, as opposed to building it, had saved the firm time and meant it had gained clients and assets.