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25 firms online in Cofunds launch

Cofunds will offer a total of 238 funds from 25 providers when it finally launches on Monday, January 22.

The IFA su
permarket, set up by Jupiter, M&G, Threadneedle and Gartmore, will initially offer a paper-based service, with full online capability being introduced in the second quarter of this year. Funds will only be available within an Isa wrapper at first although the platform will extend its service to include Pep transfers and non-Isa funds later in the year.

Cofunds says the selection of managers and funds represents the most popular funds in the IFA market while omitting those which are likely to be subject to major chan-ges or up heaval in the near future. More than 50 per cent of the funds have a Standard & Poor&#39s rating.

A few prominent names are missing from the selection, including Credit Suisse, Britannic and Edinburgh, but Cofunds says the 25 are simply a starting block and more will be added in due course.

Fidelity, founder of rival fund supermarket FundsNetwork, is another important name missing from the list. Both sides say they have invited each other to join their platforms but neither has yet taken up the offer.

Cofunds chief operating officer Ruth Clarke says: “We hope to introduce the UK intermediary to the benefits of fund supermarkets, as have been enjoyed in the US for many years.”

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