Interactive Investor buys Trustnet Direct's platform

Interactive Investor buys Trustnet Direct's platform

Interactive Investor (II) has bought FE's Trustnet Direct investment platform business, which it currently provides white label services for.

The company has also reached agreements with other II share-dealing white label partners, including Telegraph Investor, The Motley Fool and SharePrice, for customers to move to the II brand.

This follows II’s purchase of TD Direct Investing earlier in the year as the company seeks to consolidate its brand.

Richard Wilson, chief executive of Interactive Investor, said: “We are proud to have provided the underlying custody and investment service for so many successful partners, but as we increase our range of services and our customer base grows, this is the right time to put the II brand at the forefront of our business.

“We have made significant progress towards our ambition to become the retail platform of choice for engaged investors, with best-in-class research, tools and support, low-cost flat fees and excellent customer service.

“We look forward to offering all our customers enhanced benefits, giving them greater control over their financial futures.”

II said transition to its brand will be “seamless”, with uninterrupted custody and trading services within customer accounts.

Customers will continue to benefit from the same service, research and security as before, along with new features designed to improve functionality and flexibility.

Matthew Surfleet, commercial director at Trustnet Direct’s owners FE, said: “We are confident that the team at Interactive Investor will continue to provide customers with excellent products, services and technology to meet their investing needs.

“With this transaction, FE will remain focused on our core business strength of providing products built on our own strong IP and we remain committed to investing in as the leading trusted source of financial market intelligence and ratings into the future.”

The cost of the transaction was not disclosed.