Threadneedle’s funds platform offering is a step closer to completion after it was revealed a pilot scheme is being rolled out to staff later this month.
The execution-only platform has been in development since myThreadneedle.com was registered by the group in May 2011.
A spokesman for Threadneedle confirmed the launch: “myThreadneedle is an online tool which has been developed for Threadneedle staff and potentially for our direct customers to enable us to better service clients with online account information, valuations and dealing. The pilot scheme will be launched to Threadneedle staff this month.” (article continues below)
Threadneedle confirms the platform will only offer access to in-house funds and plans to make it available to direct clients, following the completed pilot scheme, from the summer.
“Threadneedle has no plans to launch a whole of market platform. This is a tool to support our existing direct clients in a manner that brings our client servicing in line with industry best practice.”
Threadneedle holds a 20% stake in Cofunds, which has signed on as a partner in developing the product. Cofunds and Threadneedle signed a long-term partnership arrangement together in 2009.
There has been an increasing interest in establishing execution-only platforms in the run-up to the deadline for the retail distribution review.
Skandia has recently voiced its interest in developing one, while Axa recently announced the launch of Axa Self Investors, which is scheduled for the summer.
JPMorgan is the only asset manager offering an execution-only platform with the JP Morgan Wealth Manager +, which was broadened to the wider market in 2011.