Share registrar and outsource provider Equiniti has unveiled plans to build a new platform after acquiring the assets of execution-only stockbroking platform Selftrade.
Equiniti expects to acquire Selftrade’s investor accounts in Q4 after paying an undisclosed sum in the deal. Selftrade has around 130,000 stockbroking clients with assets of £4.2bn.
The deal came to light last month when a statement on the Selftrade website said it planned to transfer its entire client bank and brand to Equiniti following a strategic review after parent company Boursorama exited the UK.
Equiniti says it will maintain Selftrade’s pricing structure for 12 months and ensure continuity of service after it acquires the accounts. It will also invest in a new platform, which will be developed “in line with customer feedback”.
Equiniti investment services managing director Mark Taylor says: “As well as committing to maintain the pricing for Selftrade’s customers and waiving any transfer fees for 12 months, we will look to combine the strengths of Equiniti and Selftrade to develop a sophisticated product and investment platform which reflects the needs of the customer.
“We have committed to invest significantly in this new platform.”