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Cofunds waiting for Imro

Cofunds&#39 launch was further delayed this week as the IFA fund supermarket awaited approval from Imro and the Inland Revenue.

As Money Marketing went to press on Tuesday, Cofunds said it hoped to have approval before the end of the week. It will be unable to take any money until full authorisation has been acquired but it says it is permitted to register IFAs.

Despite the setback, Co funds went ahead with its first launch roadshow in London on Monday, announcing it will be teaming up with US rating agency Morningstar.

Morningstar is due to launch in the UK in March. Cofunds is looking for the agency to provide its fund and portfolio analysis tools. Its service is comparable with Standard & Poor&#39s Micropal, offering ratings for funds based on past performance.

Speaking at the roadshow, Morningstar Europe strategy director Kenton Smith said Morningstar would be offering a white-labelling service to IFAs later this year.

Cofunds head of sales Rod ney Aldridge says: “We cannot trade until we get Imro app roval but we can start signing up intermediaries. We are confident that, as their user IDs are issued, we will be up and running.”

A senior industry source, which has signed up to the Cofunds platform, says: “I think Cofunds is going to struggle this Isa season. Most IFAs have already got their mailings out and decided which funds they are going to pick for this season. It is going to be a tough ride for them.”



On New Year&#39s Day, I walked along the shore road out of Kovilam Kovalam to the small fishing village of Vizjhinjam in Southern India where there had been, according to The Hindu Times, “some difficulties between the youths of the various religions in the area”. Apparently, they do not share a common view of the […]

F&C feels Blue as it steps into the UK retail market

Foreign & Colonial is to take the first step in its UK retail expansion next month with a tax-efficient income product called Blue. The new Oeic, which is set to launch on February 5, aims to offer an annual tax-free return of between 5 per cent and 5.5 per cent after charges by exploiting investors&#39 […]

Building society advances down in December

Building society gross advances amounted to £2,037m in December 2000, down 14 per cent from November, although still up on the previous year&#39s figures. Approvals of new loans fell by 33 per cent to £1,653m in December, down from £2,457m in November, although this reflects the removal of Bradford & Bingley from the sector following […]

ProVen turns to media

ProVen private Equity has introduced its media venture capital trust (VCT) that allows up to 15 per cent of the fund to invest in US media businesses. The ProVen media VCT aims to provide long term capital growth by investing in media related companies and those who help other companies promote their brand names by […]


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