Ascentric supports abandoned IFAs
Friday, 7 November 2008
Following reports that UBS is to close its platform for external Discretionary Fund Managers (DFMs), Ascentric, the whole of market wrap provider, will make it as quick and easy as possible for the DFMs and the IFAs affected to transfer their client's assets on to the Ascentric platform.
Executive Managing Director of Ascentric, Hugo Thorman said, "It is extremely unfortunate that very little notice has been given by UBS to its intentions which must be causing considerable concern amongst a number of IFAs who have been using external DFMs on the UBS platform.
"Ascentric will do everything in its power to help those IFAs who feel they have been abandoned by UBS's decision. The priority now has to be for them to find a new platform quickly for their clients monies and we would ensure that any move on to our service would be as seamless as possible. We have asked UBS but unfortunately they declined to put forward our name to the IFAs affected".
Any IFA or DFM wanting information about Ascentric should contact Michael Fordham on tel 0207 553 9170 or 0771 853 8541.
ENDS
For further information please contact:
Michael Fordham
Business Development Director - Ascentric
E-mail: michael.fordham@ascentric.co.uk
Tel: 0207 553 9170
Mobile: 07718 538541
or
Mark Murphy
Ascentric
Email: mark.murphy@ascentric.co.uk
Tel:01225 787208
Mobile:07788 107373
Issued by Concise Public Relations:
Martin Wood
Email: martin@concisepr.com
Tel:01252 656435
Mobile:07946 527240
Note to Editors:
Ascentric and Fundsdirect are the trading names of Investment Funds Direct Limited.
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.
Ascentric is a whole of market Wrap service, available exclusively to IFAs and offers a fully integrated online investment management and dealing platform. It also enables IFAs to transfer their clients' assets onto a single platform to provide them with the ability to manage their client's financial needs in just one place. This is obviously a considerable enhancement to the existing, time-consuming practice of IFAs introducing their clients to a number of different product providers.
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.