Strawberry acquires Fundsdirect’s book of clients
Strawberry Invest proudly announces today the acquisition of the clients of Fundsdirect, the UK’s first online fund supermarket, in a deal with Royal London.
The Fundsdirect transaction will see just over £15m of assets initially transfer to Strawberry with the potential for this figure to increase to £21m over the coming 12 months. Over 400 clients will be added to Strawberry’s existing client base with the prospect of a further 400 accounts moving over in the next year.
This deal will provide increased scale to Strawberry’s offering and broaden its reach to a greater number of investors which will be to the benefit of current and future users. This includes a reduction of costs to existing Fundsdirect clients by an average of 12.5%.
Fundsdirect was founded in 1982 and launched the first online fund supermarket in December 1999. Since then, they have built a reputation as a leading investment platform operator for financial advisers through its Ascentric brand.
James Priday, founder and managing director of Strawberry Invest, explained: “We believe that Fundsdirect is a great fit with Strawberry and we are pleased to be able to offer clients an enhanced platform and level of service. We remain committed to offering a simple and low-cost way for both experienced and first time investors to save money and this deal with Fundsdirect further strengthens our commitment to this goal.”