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Cofunds&#39 cost set to reach £40m

Cofunds is to cost its four founders more than £40m, according to Threadneedle deputy chairman and Autif chairman Alan Ainsworth.

The IFA fund supermarket, which is due to launch later this year, is set to cost the four founders, Threadneedle, Gartmore, Jupiter and M&G, at least twice as much as their original investment of £20m.

Ainsworth says the supermarket is expected to start up between the end of November and mid-December and will definitely be in place for the Isa season.

Cofunds has been recruiting fund managers for the site since it was given clearance by the European Commission over competition issues at the start of September.

Ainsworth says the site&#39s first providers will be announced in the next month.

Cofunds&#39 newly appointed chief operating officer Ruth Clarke says: “When you start up a business, you have an initial contribution and then subsequent phases of funding. This was anticipated from the beginning.

“We have had an initial commitment from a number of fund providers but there are a number of others that have expressed an interest. We hope to make an announcement by the end of October.”

Torquil Clark head of e-commerce Mike Attree says: “The problem with the internet is that the cost does not stop. It all depends on how fast you want to develop your platform.

“But if you want to develop it quickly, as with Cofunds, it can become very expensive.”

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