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Egg to open IFA supermarket covering all products

Prudential-owned Egg is planning a full-scale launch as an IFA supermarket for funds and pensions following its acquisition of business-to-business platform Fundsdirect.

Pru says its does not see a conflict with IFA-exclusive supermarket Cofunds which it part-owns through M&G.

Egg will merge its newly acquired platform with existing consumer fund supermarket, Egg Invest, before entering the IFA market this year.

Fundsdirect, which launched in 1999, has recently concentrated on white-labelling deals with European banks and financial services providers.

Chief executive Sean Ewing believes the market presents a big opportunity. He says the platform will bring together all product areas on the platform.

Ewing says: “We believe all the offerings are flawed in the marketplace. We are trying to come up with a platform which fulfils all the product verticals.”

The deal sees Pru with two IFA platforms and could see the Cofunds&#39 founders become part of another competing platform.

Jupiter joint managing director Steven Glynn says his firm&#39s inclusion on the Egg platform will not necessarily mean it takes part in any IFA offering. He says: “We do not fear the competition. If anything, it is good.”


FSA defends its research for CP121

Q: What will happen to the existing renewal/fund-based commission income streams under the proposed new regime?A: We deal with the point at paragraph 4.36 of the consultation paper where we make it clear that it is not our intention to prohibit those firms which move to defined-payment remuneration and, as such, are permitted to call […]

Gartmore shuffles Pacific and Emerging markets desk

Gartmore has appointed its head of Pacific & Emerging Markets, Philip Ehrmann, as the lead manager on its Pacific Growth and Capital Strategy Asia Pacific funds.Ehrmann, who joined Gartmore in 1995, has more than 15 years experience in retail fund management.The group has also recruited Peter Dalgliesh as its Pacific & Emerging Markets Portfolio Constructor. […]

Philip Williamson

Lives: Haywards Heath, Sussex.Born: December 11, 1947.Age: 54Education and qualifications: Caldy Grange School, Wirral; degree in economics from Newcastle University.Career to date: Lloyds Bank 1970/88; UK Land director 1988/91; Nationwide 1991 to date, promoted to divisional director in 1994, appointed to board in 1996, chief executive since January 2002.Career ambition: Achieved. “Happy to retire in […]

Pink gets into double figures

Pink Home Loans has introduced a one-year discounted rate flexible buy-to-let mortgage that allows borrowers to buy up to 10 properties.The mortgage has a 1 per cent discount until May 1, 2003, which gives a current payable rate of 5 per cent. It is available for loans of up to 85 per cent of valuation […]


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