The new service went live earlier this month and 7IM says it is working on adding the same facility for customers who have investments with Selestia Investment Solutions.
Chief executive Tom Sheridan says: “This new facility can avoid the need for in specie transfers which have been a bit of an issue in the industry and with the regulator.
“By hooking the platforms together, you do not have to bother transferring the product and also not everybody wants to put all their assets on one platform.
“Around half the wealth managers we talk to have assets on Cofunds and Fidelity FundsNetwork but are also interested in discretionary management, listed securities and whole-ofmarket access to funds which the other two platforms do not offer.”
Threesixty partner Phil Young says: “This is a positive step forward and hopefully platforms will be a lot more co-operative in future as some platforms are complementary rather than competing.”