Vestra may transfer £500m to Cofunds

Vestra Wealth is in discussions to transfer up to £500m of institutional clients’ assets from Fidelity FundsNetwork to Cofunds, Money Marketing understands.

Vestra Wealth has an exclusive contract with Fidelity FundsNetwork for platform services and in October, FundsNetwork made Vestra the first discretionary manager on the platform.

But a Cofunds spokesman says it is in talks with Vestra to take on some of its clients. He says: “We are in early discussions with Vestra Wealth about representing its clients on the Cofunds platform.”

A Vestra Wealth spokeswoman says: “We might have talked to Cofunds and met with them but we are currently with Fidelity. We are not anywhere near having a contract with Cofunds.”

Fidelity declined to comment, stating it does not comment on speculation.