Brand new look for local success
Friday, 12 September 2008
Since moving offices to Palace Yard Mews in the City centre in July 2007, Fundsdirect has more than doubled its workforce in Bath to over 70 employees and continues to grow rapidly. There has been heavy recruitment across the board but particularly in the IT and operational areas, reflecting a robust and successful business model. They continue to be interested in hearing from potential employees who have experience working in financial services.
Fundsdirect provides an online 'trading platform' whereby members of the public buy and sell investment funds securely from one place. It offers a choice of almost 3000 funds from 180 different fund management groups.
Its sister operation, Ascentric, provides a whole of market 'Wrap' service (see notes to editors) to over 100 Independent Financial Advisers (IFAs) and their clients. Together, Fundsdirect and Ascentric have £650 million of clients' money invested (funds under management).
Hugo Thorman, Executive Managing Director of both Fundsdirect and Ascentric Wrap said,
"I believe funds under management in our sector including those that are 'wrapable' could eventually account for £2 trillion and our target is to reach £10 billion in less than five years compared with our current £650 million but that could easily be dwarfed to a possible £100 billion – so there is plenty of room to really grow the business.
"We have skilled employees which continue to grow in number, and can already pride ourselves on being at the leading edge of developments in technology that will continue to be enhanced with our expected market growth. We've been impressed with the quality of candidates we been able to attract in the Bath and Bristol area. With strong financial backing from our parent company Royal London Group we expect to continue an active recruitment policy."
ENDS
For further information please contact:
Fundsdirect
Mark Murphy, Interim Marketing Director
Email: mark.murphy@ascentric.co.uk
Tel: 01225 787208
Mobile: 07788 107373
Rebecca Drewe, HR Manager
Email: rebecca.drewe@fundsdirect.co.uk
Tel: 01225 787294
Issued by Concise Public Relations:
Martin Wood
Email: martin@concisepr.com
Mobile: 07946 527240
Notes to Editors:
A 'Wrap' allows a client and their adviser to view all their investments and up to date values at any time via the internet. It is called a 'Wrap' because all the products (eg pensions, ISAs, PEPs) and investments are 'wrapped' up in one account.
The aim of a 'Wrap' is to allow a client, with the assistance of their financial adviser, to select and purchase investments from a wide range of equities, unit trusts and Open Ended Investment Companies (OEICs) and other investment schemes and cash. They can select the most appropriate product within which to hold these investments to optimise tax advantage and best meet their financial objectives.
Investment Funds Direct Limited was founded in 1982, and Fundsdirect launched as the UK's first online fund supermarket in December 1999. Since that time, the company has built on their reputation as a leading UK fund supermarket to provide Independent Financial Advisers (IFAs) with a Wrap service under the brand name of Ascentric.
In October 2007, a majority holding of Investment Funds Direct Group Limited was acquired by Royal London Group.
For further information about Ascentric and Fundsdirect, please visit either www.ascentric.co.uk or www.fundsdirect.co.uk
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Provident – UK protection market
- Phoenix Life Assurance Limited – provides life and pensions products to Abbey's national branch network
- Scottish Life International – offshore investment markets
- Scottish Provident International – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap platform
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £32.4 billion. Group businesses serve around three million customers and employ 2,750 people. Figures quoted are as at 30 June 2008, prior to the acquisition of Scottish Provident's new business capabilities (in respect of individual life protection business) and of Phoenix Life Assurance Limited.