JP Morgan Fleming is believed to be seeking buyers for distribution platform design company FundsHub two years after acquiring Investia's majority stake in the business.
According to well-placed sources, JPMF, which bought FundsHub from Investia in February 2002, is looking to offload the firm after struggling to get it off the ground commercially in the UK and Europe. It is believed that JPMF was seeking additional funding for the firm several months ago but has now decided to sell it on.
Despite boasting what sources describe as a “great application”, FundsHub has not grown as expected since its early successes. It was put on the map after Charcol Online launched its fund supermarket in June 2001 with an infrastructure designed by FundsHub and in November that year it provided the technology and operations for Old Mutual's multi-manager platform Selestia.