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EMX to offer service free

EMX, the electronic messaging exchange, is set to make its service free to IFAs following a rights issue early next year.

The service, set up in June, recently ran into financial difficulties and asked for additional funding from the industry.

Four fund managers – Invesco, Threadneedle, M&G and Fidelity – have each put in £300,000 of interim funding which will be exchanged for convertible loan notes. EMX is aiming to raise another £6m from a rights issue in January and February.

The move to make the service free to IFAs will be welcomed by the industry, which has remained sceptical of the EMX business model. Currently, the service charges IFAs a £500 joining fee and 80p per valuation after the first 1,000 valuations.

The change in cost structures will mean the investment industry footing the bill for the service. Fund manager fees are £10,000 a year plus 80p a message. EMX chairman Nicholas Durlacher says: “A second round of funding was always part of our plans but we had not expected to need interim funding.”


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