Strawberry Invest, a UK-based direct-to-consumer investment platform, has purchased the client book of online fund supermarket, Fundsdirect, from Royal London.
The deal will add £15m of assets to Strawberry, a figure which could increase to £21m over the coming 12 months.
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Also, the deal will bring over 400 customers to Strawberry’s existing client base with the prospect of a further 400 accounts moving over in the next year.
Strawberry expects the acquisition to provide increased scale to its offering as well as expand its reach to a greater number of investors.
The company added that the deal will minimize costs to existing Fundsdirect clients by an average of 12.5%.
Strawberry Invest founder and managing director James Priday said: "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."
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By GlobalDataRoyal London launched the Fundsdirect online fund supermarket in December 1999.
