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 Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter