Peel Hunt has announced a strategic partnership with Hargreaves Lansdown (HL) as it looks to rebrand its Rex platform under the name ‘Retailbook’.
As part of the deal, Retailbook will operate independently of Peel Hunt with its own staff and headquarters.
Meanwhile, Jefferies, Numis and Rothschild & Co have also agreed to collaborate with the platform. While no further detail was given on what these partnerships might entail, Peel Hunt said it is envisaged that each company will become Retailbook shareholders.
Rex is a technology platform that enables retail investors to carry out capital market transactions, such as IPOs and follow-on share offerings through intermediaries and investment platforms.
Upon relaunch, Retailbook will utilise Rex’s underlying technology.
HL has granted Retailbook a period of exclusivity until 30 June 2023, with Peel Hunt expecting the platform to relaunch in the second half of the year.
Since August, Rex has been mandated on 50% of all completed UK equity capital market transactions open to retail investors.
Steven Fine, Peel Hunt CEO, said: “The growth of Rex has reflected the increasing importance of the retail investor over recent years, with adoption of the technology on both primary and secondary transactions accelerating.
“To continue this trajectory we recognise that Rex needs to spread its wings as a separate entity, backed by multiple industry-leading capital markets partners. Today’s announcement marks the start of this journey.”
Chris Hill, HL chief executive, added: “We are delighted to be working with Rex to help allow our clients fair access to capital markets and secondary fund raisings to avoid dilution on transactions. It is hugely important that retail investors are not ignored in this growing market and that their voice is heard.”