IFDL puts D2C platform Fundsdirect up for sale

Independent wrap platform IFDL is putting its direct-to-consumer (D2C) business Fundsdirect up for sale.

The group said the fund supermarket is not seen as core to its ongoing business strategy of providing investment administration services to intermediaries. Launched in 1999, Fundsdirect currently has 2,000 customers with around £23m of assets under administration. IFDL is seeking a purchaser of the Fundsdirect assets together with the client base. Hugo Thorman (pictured), managing director at IFDL, said: "Fundsdirect participates in the D2C market which is expected to benefit hugely from [the] Retail Distribution Review but it is ultimately at odds with our ongoing strategy which is t...