Cofunds abandons Barclays Stockbrokers venture

Cofunds has abandoned a pilot service run jointly with Barclays Stockbrokers to offer its advisers access to exchange-traded funds (ETFs) and investment trusts.

The platform said there had not been enough demand for the service in spite of “very competitive” pricing.

Stephen Wynn-Jones, head of marketing at Cofunds, said: “Following discussion with Barclays Stockbrokers, we’ve jointly decided to withdraw the pilot service offered to a small subset of our clients for stocks, ETF and investment trust trading.

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“The overall service, whilst very competitive on price and quality, didn’t provide all that those clients wanted and consequently there was little demand.”

He added that Cofunds would “continue to monitor” demand for such a service, which would also allow direct trading in equities and bonds.

Investment Adviser revealed earlier this year that FundsNetwork had shelved plans to launch a similar service, and Skandia has also cited a lack of demand for its decision not to add ETFs and investment trusts to its product offering. Most smaller platforms and wraps offer advisers access to these products.