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Cofunds founders show their loyalty to venture

Threadneedle, Gartmore, M&G and Jupiter have reasserted their loyalty to Cofunds by extending their commitment not to join any other IFA fund supermarket in the near future.

Last month, Old Mutual announced that none of the four Cofunds founders will be part of its Project Mars multi-manager platform, now publicly known as Selestia, with Fidelity also absent from the new venture.

It is thought that the four founders of Cofunds have renewed their agreement, which prevents any of them joining a rival business-to-business platform for another year.

The news is likely to dash IFA hopes that fund supermarkets would soon be competing on service rather than the range of funds available.

Skandia is the only platform to have a full complement of fund managers which includes the four founders of Cofunds, New Star and Fidelity as well as Henderson, which is another major group which has elected not to join Old Mutual&#39s project.

Skandia investment brand manager Phil Morse says: “New Star, Fidelity and the four founders of Cofunds are writing about 40 per cent of our total business, which is a lot.

“I think they have been staying off each other&#39s platforms to retain a competitive advantage but this time next year, with the markets the way they are, I would not be surprised if everyone was on everyone else&#39s sites.”

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