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.