Emx is expanding rapidly into the IFA life and pension markets and has signed up over 30 companies to its electronic transaction service this year.
The latest big provider names to sign up include Abbey Wrap, GE Pensions, James Hay, Winterthur Life, Zurich and Allied Dunbar. A number of IFAs, including Positive Solutions, Duncan Lawrie and Sterling IFA, have updated their back offices to enable straight-through processing of fund transactions.
The service allows instant fund transactions, removing the risk of administrative errors which can occur with some fund supermarkets which rely on telephone and paper applications in their back-office systems.
EmxCo head of sales and marketing Tony Wood says the fund messaging service, which is owned by several industry players including Fidelity, Scottish Widows, Skandia and Hargreaves Lansdown, is now expanding into hedge funds.
After opening a Luxemburg office earlier in the year, the platform is in the latter stages of signing up its first hedge fund provider. Negotiations are also in place with several Isle of Man and Dublin-domiciled hedge funds players. Emx is also looking to recruit more business analysts and IT developers.
Wood says: “One of the big growth areas for us is open architecture and the Emx messaging service reduces the costs of switching funds within a pension.”