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Strawberry acquires Fundsdirect’s book of clients

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Strawberry Invest, the direct-to-consumer investment platform, has acquired the clients of Fundsdirect, the UK’s first online fund supermarket, in a deal with Royal London.

The Fundsdirect transaction will see just over GBP15m of assets initially transfer to Strawberry with the potential for this figure to increase to GBP21m over the coming 12 months. Over 400 clients will be added to Strawberry’s existing client base with the prospect of a further 400 accounts moving over in the next year.

This deal will provide increased scale to Strawberry’s offering and broaden its reach to a greater number of investors which will be to the benefit of current and future users. This includes a reduction of costs to existing Fundsdirect clients by an average of 12.5 per cent.

Fundsdirect was founded in 1982 and launched the first online fund supermarket in December 1999. Since then, they have built a reputation as a leading investment platform operator for financial advisers through its Ascentric brand.

James Priday (pictured), founder and managing director of Strawberry Invest, says: “We believe that Fundsdirect is a great fit with Strawberry and we are pleased to be able to offer clients an enhanced platform and level of service. We remain committed to offering a simple and low-cost way for investors to save money and this deal with Fundsdirect further strengthens our commitment to this goal.”

Jon Taylor, managing director of Fundsdirect, adds: ‘The sale of Fundsdirect represents a good outcome for our clients who will benefit both from Strawberry's great pricing and their excellent range of online tools and services. From our perspective the sale allows us to be completely focussed on delivering the best possible service to our clients in the intermediated market.’

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