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Cofunds transfer service to aid IFAs

Cofunds is setting up an Isa and Pep re-registration service which enables IFAs to transfer existing client portfolios on to the platform for the first time.

The move makes Cofunds the first IFA supermarket to develop a re-registration service, with transfers previously only possible by selling units and then repurchasing them on the platform.

Fidelity says it will be introducing a similar service for FundsNetwork in the first quarter of the year.

Cofunds&#39 service will initially only be available through 21 of its 41 providers. Of the 20 providers which will not be available, most blame administrative obstacles but others have elected to abstain, poss-ibly due to the cut in annual management fees which will be sustained by transfers on to Cofunds.

The supermarket also all-ows direct investment into unit trusts and Oeics outside the Isa and Pep tax wrappers and starts 2002 with another six fund management groups on the service.

F&C, Five Arrows, Friends Ivory & Sime, Legal & Gen- eral and Lloyd George Management all joined the platform last week, taking the total number of funds to 482 from 41 groups.

Cofunds head of sales Rodney Aldridge says: “This is a major new development from Cofunds and demonstrates our continuing commitment to providing a total business solution for intermediaries.

“Not only does the re-registration facility allow the client to transfer on to the Cofunds platform at no cost but it also gives much greater flexibility for clients to consolidate their investments in one place.

“Added to this, because clients are never out of the market, their investments are not subject to the usual market price fluctuations.”

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