Cofunds has scrapped a proposed venture with Barclays Stockbrokers to list investment trusts and ETFs on its platform for financial advisers.
The venture, named the Cofunds Stock Trading Service, was launched with 10 adviser firms in January 2012 allows advisers access to trade individual equities and bonds via Barclays Stockbrokers, which were available through the Cofunds website.
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As part of the results of a pilot scheme, Cofunds decided not to roll out the venture to all clients. The results showed that there had not been enough demand for the service in spite of very competitive pricing.
Following the move, Cofunds and Barclays Stockbrokers will continue to work with the advisers in the pilot to ensure a smooth transition and a good outcome for their clients.
Stephen Wynn-Jones, head of marketing at Cofunds, said: "We have got to a position where we have decided with Barclays to end the pilot as it didn’t do what our clients wanted.
"We are still in the position of evaluating demand and when the majority of clients want it we will look to do something. Some clients want it but the majority do not view it as a main priority. We continue to monitor what our clients want and the demand for this type of service," he added.
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By GlobalDataCofunds, with over £60 billion of assets under administration, is rather focusing its efforts on upgrading the user interface of the platform.
