UK-based Equiniti has signed an agreement to acquire Selftrade’s assets including customer portfolio for an undisclosed sum.
The transfer of assets is expected to conclude during the fourth quarter of 2014.
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At present, Selftrade has nearly 130,000 stock broking clients holding £4.2billion in assets, while Equiniti’s Investment Services division manages £17billion of customer assets.
Selftrade said that the disposal of the customer portfolio is a result of a strategic review of its business and it would be in the best interest of its customers.
Equiniti investment services division managing director Mark Taylor said, "Equiniti’s acquisition of Selftrade’s customer portfolio is a natural extension of our core offering which supports 18 million consumers with shareholder, investment and employee services in the UK.
"As well as committing to maintain the pricing for Selftrade’s customers and waiving any transfer fees for 12 months, we will look to combine the strengths of Equiniti and Selftrade to develop a sophisticated product and investment platform which reflects the needs of the customer.
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By GlobalData"The project will be managed through a dedicated team, ensuring existing client service levels remain a priority, with all benefiting from greater scale, platform enhancements and experience as we look to the future," Taylor added.
