EMXCo was founded and financed by all the members of Autif and was built in just five months by Mutual Fund Technologies, a wholly-owned subsidiary of Fidelity. Already, more than 40 groups are using it, including Aberdeen, Eurolife, Fidelity, Gartmore, Invesco, M&G, Mercury, Norwich Union, Perpetual, Save & Prosper, Schroder and Threadneedle.
Some IFAs and stockbrokers are also using it, such as Greig Middleton, Torquil Clarke and Wilfred T Fry. Another 120 fund management groups and IFAs will also be joining shortly, including the rest of the big names.
Chief executive Caroline Lee and her team must be congratulated on setting up this operation so quickly and efficiently.
EMXCo will be of huge benefit to IFAs because it will dramatically speed up the buying, selling and valuation processes as well as eliminating paperwork. Furthermore, it will dramatically reduce errors and markedly improve investor services.
This, of course, means it will save IFAs a lot of costs. Eventually, it should also encourage unit charges to be reduced and so give a better deal to the investor.
EMXCo is also working with the fund supermarkets so IFAs can set up their own supermarkets as well as designing investment portfolios for individual investors.
Every IFA dealing in unit trusts certainly ought to join.