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Moneygate currently has more than 5,000 clients who would benefit from an independent wrap platform. The multi-award winning firm currently has 75 RIs and is looking to expand significantly since securing a major investment deal in October 2009.

Moneygate is the current front runner to acquire rival network Alpha to Omega and has a number of other acquisitions in the pipeline.Moneygate had been reviewing the platform market for several months and selected Ascentric following a rigorous due diligence process. Integral to this selection was Ascentric’s independence, integrated fund management, stock broking and cash management solution, which, when combined with its transparent charging structure and multiple product offering, provides the technology necessary to support Moneygate’s plans for growth.

“Ascentric’s independence, innovative features and commitment to ongoing development sets them apart in this market and will act as a key component in our plans for expansion”, explained Dennis Reed, Sales Director of Moneygate Group. He added, “The combination of investment choice, competitive charging and platform functionality offered by Ascentric complements our client proposition perfectly, and will allow us to grow our investment management proposition.”

Richard Goodall, Ascentric’s Sales and Marketing Director, commented, “It’s fantastic to be partnering with such an ambitious and forward thinking firm as Moneygate and I very much look forward to building our relationship with them. The rigorous due diligence process undertaken by Moneygate illustrates the strength of our platform and our ability to drive sustainable value within their business”.

ENDS

For further information, please contact:

Ascentric
Dominic Ventham, Head of Marketing
Tel:               01225 787208       , Mobile               07590 227039       
Email: dominic.ventham@ascentric.co.uk

Issued by Concise Public Relations   
Tel               0207 100 3960       
Martin Wood
Mobile:                07946 527240       , Email: martin@concisepr.com
Liam Jenkins
Mobile               07984 439968       , Email: liam@concisepr.com

Notes to Editors

Moneygate is a national, multi-award winning firm of Independent Financial Advisers based in Newcastle who visit customers in their home, place of work or through telephone consultation and offer advice on every area of personal finances. They currently have national adviser base of 75 RI’s and are set to expand rapidly over the next three year since securing major investment from a US listed private equity partner in October 2009.

Ascentric and Fundsdirect are the trading names of Investment Funds Direct Limited.

Investment Funds Direct Limited was founded in 1982, and Fundsdirect launched as the UK’s first online fund supermarket in December 1999. Since that time, the company has built on their reputation as a leading UK fund supermarket to provide Independent Financial Advisers (IFAs) with a Wrap service under the brand name of Ascentric.

Ascentric is a whole of market Wrap service, available exclusively to IFAs and offers a fully integrated online investment management and dealing platform. It also enables IFAs to transfer their clients’ assets onto a single platform to provide them with the ability to manage their client’s financial needs in just one place. This is obviously a considerable enhancement to the existing, time-consuming practice of IFAs introducing their clients to a number of different product providers.

In October 2007, a majority holding of Investment Funds Direct Group Limited was acquired by Royal London Group.

For further information about Ascentric and Fundsdirect, please visit either www.ascentric.co.uk or www.fundsdirect.co.uk

Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:

• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• RLAS – life and pensions administration
• Fundsdirect / Ascentric – funds supermarket; Wrap platform

Royal London also distributes life and pensions products through Santander’s UK branch networks.  

Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £35.9 billion. Group businesses serve around 3.4 million customers and employ 2,800 people. Figures quoted are as at 31 December 2009.