View more on these topics

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.”

Recommended

Brown freezes out Isa calls

The Chancellor is seeking to bring more clarity for Isa investors but there are fears some of his proposals will adversely affect the popularity of the product.In his pre-Budget report, Chancellor Gordon Brown announced that the annual Isa allow ance will stay at £7,000 for the next five years. He lowered the age limit for […]

The good, the bad and the ugly

The cost of the Investors&#39 Com pensation Scheme levy and professional indemnity insurance is rocketing as our regulator puts more and more financial advisers out of business. Inevitably, this creates an even bigger ICS levy and PI insurance problem for those remaining which, in turn, forces even more financial advisers to the wall.Round and round […]

The new world disorder

Falling prices do not mean that advisers should tear up their sales script.Investors and their advisers today find themselves in unfamiliar territory. Current economic and financial news seems to be following a rather different script to the one most of us wrote just a few months ago.In past weeks, we have seen Government intervention to […]

Look at practice, not theory

The arguments were rehear sed for a year or more. The positions were staked out. The Big Date was set. Then we waited…and wait ed…and wai ted. No, not the US presidential election, the great polarisation debate.The Government&#39s long awaited announcement finally emerged alongside Gordon Brown&#39s pre-Budget report last week. But rather than set tle […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment