Hoare picks fund administrator
C Hoare & Co, the UKs oldest privately-owned bank, has appointed Cofunds Institutional as administrator for the investment funds held in its client portfolios.
Hoare manages £1.6bn (€2bn) of assets on behalf of private clients, charities and trusts, which are a mix of equities, fixed income and collective investments.
Cofunds Institutional is part of Cofunds Ltd. Aimed at UK discretionary managers and private client stockbrokers, Cofunds Institutional is designed to streamline processes for dealing and settlements across fund management. Clients to date include: Halifax Share Dealing, Canada Life International, Redmayne Bentley, Legal &General, Lawshare, Brooks McDonald and Cheviot.
Diane Mills, Hoare’s head of Investment Management, said: "The Cofunds Institutional service represents a considerable step forward for the bank in the administration of investment funds, and will introduce significant operational efficiencies in areas including dealing, settlement, custody and commission processing."
Founded in 1672, Hoare is a family-owned and managed bank providing private banking, financial planning and investment management services to wealthy individuals in the UK.
Stephen Mohan, Cofunds’ managing director for operational services, said: “Especially after UCITS3, which has allowed the proliferation of new types of funds, and the current interest in emerging market funds there is increasing demand from institutional investors to increase the proportion of funds in their portfolios. However, this can cause administrative problems in the absence of common industry procedures for dealing and settlement.”
Launched in January 2001, Cofunds Ltd is now the UK’s largest independent investment platform with £15bn under management as of May 31.
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