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Vestra may transfer £500m to Cofunds

Vestra Wealth is in discussions to transfer up to £500m of institutional clients’ assets from Fidelity FundsNetwork to Cofunds, Money Marketing understands.

Vestra Wealth has an exclusive contract with Fidelity FundsNetwork for platform services and in October, FundsNetwork made Vestra the first discretionary manager on the platform.

But a Cofunds spokesman says it is in talks with Vestra to take on some of its clients. He says: “We are in early discussions with Vestra Wealth about representing its clients on the Cofunds platform.”

A Vestra Wealth spokeswoman says: “We might have talked to Cofunds and met with them but we are currently with Fidelity. We are not anywhere near having a contract with Cofunds.”

Fidelity declined to comment, stating it does not comment on speculation.


LEBC to leave Sesame for Tenet

National IFA firm LEBC will leave Sesame for Tenet after 11 years due to “cultural differences” with the network. LEBC chief executive Jack McVitie (pictured) says Sesame is increasingly focusing on the distribution of financial products, while LEBC primarily offers advice to large corporate clients. He says: “We have had 11 and a half years […]


Capita admits value of Arch cru funds is uncertain

Capita Financial Managers has admitted there is “significant difficulty and uncertainty” in assessing the value of around 75 per cent of the £149m in assets held in Arch cru funds. Capita, the authorised corporate director of the CF Arch cru funds, published its annual accounts to the end of March earlier this week. The accounts […]


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