Royal London bids for Fundsdirect

Royal London has made an offer for Fundsdirect and its Ascentric wrap platform that has been accepted...

Royal London has made an offer for Fundsdirect and its Ascentric wrap platform that has been accepted by 85% of shareholders ahead of the deadline in less than two weeks. Royal London said the acquisition is being treated as an investment, with some of the capital earmarked to develop the platform and grow the business, which now has assets standing at £175m. Fundsdirect’s management team will remain in place, and Royal London said it will look to strengthen the team with new hires. The appointment of an operations director is currently being finalised, and two non-executive directors wi...