Cofunds, the UK’s largest investment platform, launches Cofunds Institutional Services, a new business unit which will focus on wholesale fund trading, settlement and custody as well as accounting for and managing any trail commissions.
The new business unit will be headed by Stephen Mohan, who has been promoted to managing director, Cofunds Operational Services. He will be supported by Christopher James, director Institutional Services; Hamish Rowan-Hamilton, director Institutional Accounts; and Anthony Wolfe, business development consultant.
“Cofunds Institutional Services will cater for the needs of discretionary asset managers and private client stockbrokers as they make increasing use of funds, as well as life insurance companies who are embracing open architecture and global custodians,” Mohan says.
The problem they face is that that dealing and settlement for investment funds is entirely different from the securities markets, Cohan says. Those responsible for portfolios which contain securities and investment funds have always had substantial operating problems. The increasing use of funds which pay trail commission is now an added complexity.
This is where Cofunds pledges to help with established processes for dealing and settlement across the funds market, Mohan says. Cofunds aim is be the Intel of the investment funds world, working with other firms to simplify and improve their administration and reduce their costs.