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Multifunds shutting to new business in Selestia switch

Skandia’s Multifunds platform is to close to new business from January 2009 as the firm focuses on Selestia Investment Solutions.

The two platforms have been running in parallel since the new Selestia service was launched last year.

Top-ups to existing plans will still be possible via the Multifunds platform and a top-up tool is being developed to make this easier for advisers during the Isa season. Existing clients on the Multifunds platform will continue to be moved to Selestia Investment Solutions where there is demand.

Skandia head of proposition marketing Peter Jordan says: “Following the reduction in costs on SIS, advisers have been voting with their feet and the Selestia platform is now the clear choice for new business.

“It is therefore the appropriate time to unify and refine our platform proposition. For practical reasons, advisers will still be able to top up existing investments on the Multifunds platform and we will migrate these policies on to the investment solutions platform over time.”


The crosby show

Last week saw bank rate reduced to 2 per cent, the lowest level since 1951, but despite this cut and the fact that the Libor rate has also dropped significantly, banks have been reluctant to lend significant amounts of money.


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