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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.”

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