PSigma appoints investment platform for custody

14.10 HandshakePSigma Investment Management has appointed Cofunds, an independent investment platform, as a custodian to the majority of its unit trusts held in private client portfolios.

PSigma IM, which is part of the UK’s actuarial and consulting Punter Southall Group, has £1.3bn (€1.5bn) under management and specialises in active multi-asset wealth management solutions focussed on absolute returns.

The firm has elected the institutional service of Cofunds, which provides specialist fund dealing, assured settlement and sub-custodian services to a range of client types.

Cofunds has a 26% share of the UK investment platform market and its assets under administration are “in excess of” £33bn (July 2011).

John Howard-Smith, managing director at PSigma IM, said: "Cofunds’ institutional service will introduce significant operational efficiencies in areas including dealing, settlement, custody and commission processing."

The Cofunds announcement follows the previously announced appointment of RBC Dexia Investor Services as custodian to PSigma’s other assets, primarily equities and bonds.

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