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Discretionary move for Cofunds

Cofunds is considering adding a discretionary fund management service to its platform.

A launch is understood to have been pencilled in for the end of next year.

Two weeks ago, Money Marketing revealed Cofunds’ plans to set up a guided fund selection service, which will be run in partnership with Old Broad Street Research. This service will offer seven different risk profiles ranging from cash to multi-manager with no set number of funds for the list.

Cofunds marketing and proposition director Alastair Conway says: “We recognise a growth in the discretionary fund management sector and we have been asking advisers what they want and this is one of the themes coming out.

“We do not have set dates for launch but we believe that it would complement the fund selection service as IFAs want different levels of service from us.”

Premier managing director for sales and marketing Simon Weldon says: “I am in favour of Cofunds making this type of move to offer this service to IFAs and it is one of the biggest growth markets. Guided architecture is only a part solution because if a fund is taken off that list advisers cannot bulk switch clients out of the fund as doing so is making a discretionary investment decision.”

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