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.

Two dozen fund groups and platforms sign up to TEX

Two dozen fund groups and platforms sign up to TEX

Two dozen fund groups and platforms have signed up to Tisa Exchange (TEX).

The resource is designed to facilitate the electronic transfer of assets and wrappers in the run up to the retail distribution review (RDR), however some fund houses have expressed uncertainty about the need for membership.

But as TEX gets ready to launch, 24  firms have signed up as confirmed members with an additional 22 in the pipeline.  Tisa said together these account for the bulk of fund managers and platforms, with over 62% of the industry's assets under management.

'The RDR is now just a few weeks away and with the introduction of the TeX Register member firms will be able to meet the FSA’s re-registration of assets requirement,' said Carol Knight, director of members services at Tisa.

'After this date firms that opt not to join TeX will need to provide other evidence that they are complying with the regulators requirements,' Knight added.

Membership of TEX costs groups £12,500 alongside a £2,000 ongoing administration fee.  

One managing director of a boutique last week told Wealth Manager he did not welcome the move, however.

The MD questioned the value in joining when the firm’s administrator could complete re-registration within five days, and was unsure whether it is fair fund management groups bear the costs of developing TEX.

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 Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

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.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter