Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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 WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter