The sub-group of Royal London is also selling its direct to consumer platform, Fundsdirect, as part of the re-shuffle.
While the direct to consumer market is poised to benefit from RDR, the firm does not see it as a core market. The group said the sale will mitigate the conflicts of interest between the target audiences of Fundsdirect and Ascentric.
Fundsdirect was launched in 1999 and administers around £23m in client capital.
In a statement, the firm said it anticipates strong consumer demand for access to direct platforms and it anticipates rapid growth for the new proposition.
Last week we revealed which platform topped the charts. Find out more here.
