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Skandia, Hargreaves Lansdown take stake in EMX

Skandia and Hargreaves Lansdown have joined the likes of Fidelity and M&G in taking a stake in the fund trading and messaging platform EMX.

The eight shareholders – which also include Threadneedle, Invesco Perpetual, Standard Life and Lloyds TSB – have also all committed to an extra£8.5m of funding for the platform, taking the total amount raised to well over£10m this year.

EMX says the two new shareholders will not just provide financial support, but will also make a broader strategic input into the platform. Current plans for the platform include a faster valuation system and an automated settlement system.

EMX chief executive Phil Wise says the latest input of funding has finally given the platform a stable financial footing. He says: “We have certainly got a substantial slug of money now and it covers most of the eventualities that we can currently see. But if we do have to raise more money, I cannot see that presenting too many problems.”

Hargreaves Lansdown chairman Stephen Hargreaves says: “We have a lot of input to make as an IFA to ensure that this system benefits the distribution channel as well as the investment houses.

“As far as we are concerned, EMX is probably the most exciting development in the UK fund industry for many years.”

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