Ascentric’s white-label service Independent Funds Direct Limited has put its direct-to-consumer business Fundsdirect up for sale.
The Royal-London owned business today confirmed direct fund supermarket business is not part of its ongoing business strategy.
It adds the move will eliminate any conflicts of interest with iota adviser-facing business.
Fundsdirect launched in 1999 and has £23m assets under administration and around 2,000 customers.
IFDL managing director Hugo Thorman says: “Fundsdirect participates in the D2C market which is expected to benefit hugely from RDR but it is ultimately at odds with our ongoing strategy which is to focus on intermediaries. Obviously we would expect to continue to administer the assets and products for the new owner.”
IFDL’s white-label service which provides platform technology to a number of advisory firms including Succession, Towergate and Openwork, will be unaffected by the move.