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The Share Centre moves away from fund admin due to FSA platform changes

The Share Centre has announced it will concentrate on internally-managed funds and will move away from acting solely as a fund administrator, following a review of its Sharefunds business.

It is to give notice to Way Fund Managers to terminate fund administration, expected to complete by March 2013.

“This market is changing in important respects as a result of the decisions of the FSA,” reports The Share Centre.

“As a result of these, ‘trail commission’ on many types of fund distribution will end from January 2014 and the attitude to ‘hosted fund administration’ has become antipathetic. We have decided that in any event it is best to concentrate on internally managed funds and reduce external dependencies.”

Sharefunds will continue as authorised corporate director and administrator for a “handful of third parties”.

The Share Centre claims although it may outsource fund management it will not take on further third party clients where it does not take a leading role in the fund’s distribution.

According to The Share Centre, the WAY business will contribute around £650,000 in revenues during 2012 which will fall away in 2013, while “a similar level of cost reductions” will be made as its operating model is scaled back.

It also added it expects to increase the level of assets held by its in-house range of funds, benefiting from annual management charges.

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