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 Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter