View more on these topics

Ample to develop wraps as Carruthers focuses on IFAs

Consumer fund supermarket Ample will be developed into an extensive wrap platform and rolled out to IFAs following its acquisition by Tomas Carruthers, the former chief executive of Interactive Investor.

Carruthers, who helped Interactive Investor through its 1991 acquisition by AMP and subsequent merger with Ample, has paid an undisclosed sum for the business which he intends to develop into an IFA-focused platform. This will involve building up an open architecture offering and developing wrap products and services purely for the intermediary market.

The move will be a radical departure for Ample which, although it has 1.4 million registered users and 400,000 portfolio holders, was put up for sale by HHG, the recently formed firm comprised of Australian giant AMP&#39s UK businesses.

Carruthers says the Ample brand will remain for the foreseeable future but could be changed once the purchasing company, Carruthers Associates, completes its strategic review at the end of March.

The conclusion of the review will also mark the start of an aggressive push into the IFA market. Carruthers Associates is in discussions with a number of high-end firms.

The firm, which Carruthers founded to acquire Ample, will use institutional backing to fund the expansion which will focus solely on intermediated services as the consumer side will remain the same. But Carruthers says that, until the outcome of the review is known, he does not know whether the business will be placed in direct competition with firms such as Cofunds.

He says: “We believe the advice market is the way to go and we will offer products and services to it. It will be a big push for us and we will have a great capability but it is too early to say which firms we will be competing against.”

Recommended

&#39Don&#39t knock networks&#39

Mortgage network HomeLoan Partnership has hit out at Bankhall&#39s comments that networks limit consumer choice and are not a long-term solution for brokers. Managing director Martin Cave believes Bankhall group sales director Shaun Godfrey&#39s views are extreme. He points out that the FSA believes a well researched and regularly monitored panel of lenders is representative […]

We have forgotten the principles of equity investment

So Standard Life has sold a further £7.5bn of equities to reduce its long-term investment funds under the with-profits arena to only 35 per cent of assets. When will everyone realise that this action is pathetic? Equities must constitute a greater proportion of longer-term investment funds, especially when the alternatives (gilts and corporate bonds) have […]

Treasury&#39s move risks misselling

The Treasury is loosening its grip on advice in the workplace in an effort to boost take-up of group personal pension and stakeholder schemes but concedes that the move could lead to more misselling. The Treasury&#39s two-year review of the Financial Services and Markets Act includes a reworking of regulation to improve accessibility and take-up […]

Kreis puts value in capital

Kreis Consulting is looking for up to £3.3m to add up to six pubs to Tomahawk pubs. This is an enterprise investment scheme that differs from most EISs by providing income through dividends, as well as the usual capital growth The EIS was established in 2002 to buy and develop rundown pubs in the London […]

Mark Page: “A good time to be a European fund manager”

With European markets picking up in early 2015, Mark Page, Artemis European Opportunities Fund manager, discusses the ‘macro’ drivers and whether the improvements are sustainable. Largely driven by economic stimulus by the European Central Bank, European stockmarkets have performed strongly so far in 2015. Mark discusses the relative merits and sustainability of ECB policy with […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com