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L&G opts for best of breed selection for B&B

Legal & General will offer a best of breed range of funds to its single-tied Bradford & Bingley advisers through Cofunds rather than the fund supermarket’s full range.

L&G is initially set to offer Isa and investment bond wrappers for distri- bution through B&B’s branch network in July.

Advisers will have a choice of 30-40 funds rather than the full 900-plus accessible to IFAs through Cofunds. The number of fund groups available is still being finalised.

The insurer is presently working with external rating agency Forsyth OBSR to whittle down the range by criteria such as track record, risk profile and brand strength.

The investment bond wrapper that L&G is set to launch on Cofunds for the wider IFA market in the autumn will have a broader fund range, which is more likely to be between 80-200 although how these are selected is still being finalised.

The fund supermarket had initially tried to levy an extra charge from the fund groups to be in this select bunch but they effectively forced Cofunds to scrap the idea by rejecting the proposal en masse.

Pistell says: “B&B advisers will have access to a best of breed range, which will be more heavily weighted toward cautious and income funds.”

Cofunds spokesman Richard Eats says: “Cofunds is an admin platform that can be adapted to support a business model whether whole of market or best of breed.”

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