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Egg shuts Fundsdirect

Egg has closed down its Fundsdirect wrap project after failing to find a buyer, saying potential buyers were put off by the investment needed to support the business into profitability.

The fund supermarket part of the business remains up for sale, with Egg in discussions with interested parties and a decision is expected soon.

Fundsdirect has a wrap platform business, Funds Direct Platforms, and a fund supermarket business, Investment Funds Direct.

Both parts of the business were put up for sale in February after a strategic review.

Egg included an exit cost provision for Funds-direct of 3.3m in its first-quarter results which were published on the day of the closure.

Egg is the majority shareholder of the platform, with Prudential owning 15 per cent. The wrap had not launched but over two years of work had gone into it. It has not been confirmed how much money has been lost on the project.

Fundsdirect chief executive Simon Bratt says: “It is with regret that we have been unable to find a commercially attractive buyer for the wrap platform.

“Although Fundsdirect was close to launching, the significant investment re-quired to support the business through to profitability proved a major barrier to potential purchasers.”


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