Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Cofunds ditches ETF and investment trust plans

Cofunds ditches ETF and investment trust plans

Cofunds and Barclays Stockbrokers have abandoned a proposed venture to list investment trusts and ETFs on the intermediary platform.

Branded Cofunds Stock Trading Service, a pilot of the tie-up was launched with 10 adiser firms in January 2012.

Besides ETF and Investment Trusts, the venture was also expected to allow advisers access to trade individual equities and bonds via Barclays Stockbrokers. All trades were to have been accessible through Cofund's website.

However, following the lack of demand seen during the pilot, the two firms have decided not to proceed.

Stephen Wynn-Jones, head of marketing told Wealth Manager: 'Following discussions with Barclays Stockbrokers, we’ve jointly decided to withdraw the pilot service offered to a small subset of our clients for stocks, ETF and investment trust trading. 

'The overall service, whilst very competitive on price and quality, didn’t provide all that those clients wanted and consequently there was little demand.'

Cofunds and Barclays Stockbrokers will continue to work with the advisers in the pilot to ensure a smooth transition and a good outcome for their clients, Wynn-Jones said.
 
He added: 'We continue to monitor what our clients want and the demand for this type of service.' 

Legal & General’s platform business Cofunds is the largest in the UK, with over £60 billion of assets under management.

David Hobbs (pictured) was promoted to chief executive in October, replacing Chris Last who retired.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter