Wrap platform Independent Funds Direct Ltd (IFDL) has put direct to consumer fund supermarket Fundsdirect up for sale.
The firm said Fundsdirect was "not core to its ongoing business strategy" as it looks to provide investment administration services to intermediaries.
Instead, IFDL is looking into setting up a B2B2C (business to business to consumer) platform which will allow distributors to set up their own non-advised business stream.
Fundsdirect currently has 2,000 customers with around £23m in assets under administration. It was launched in 1999 as the UK's first online fund supermarket and provides access to over 1,200 funds.
IFDL said the sale reflected IFDL's commitment to the intermediary and lessened the conflicts of interest from running a B2B and consumer proposition. It is looking to sell both the client base and the Fundsdirect assets.
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Hugo Thorman, managing director of IFDL, said: "Fundsdirect participates in the D2C market which is expected to benefit hugely from RDR but it is ultimately at odds with our ongoing strategy which is to focus on intermediaries.
"Obviously we would expect to continue to administer the assets and products for the new owner. Research suggests that there will be strong consumer demand for access to direct platforms, giving a new entrant a great springboard for growth in this market."
IFDL is part of the Royal London Group which also owns Scottish Life and Royal London Asset Management.

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