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Fundsdirect statement over sale

Fundsdirect is at the centre of sale speculation, with an announcement due to be made on Wednesday this week.

The announcement – discovered as Money Marketing goes to press – will coincide with Egg’s business results. Egg is the majority shareholder of the platform, with Prudential owning 15 per cent.

Fundsdirect was put up for sale in February following a strategic review of the business. There has been industry speculation that Pru is looking to buy the platform outright as it looks to move into the wrap market with its own operation.

A number of staff at Fundsdirect are under notice of red-undancy, which chief executive Simon Bratt says is “a necessary process in the sales discussion”. He says “We will issue a report tomorrow but at this time I cannot confirm or deny if the firm has been sold.”

Prudential says it will not comment on speculation.

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