Cofunds and Vestra ink custodian deal

Vestra Wealth has appointed Cofunds as its fund custodian in a deal which will see the wealth management partnership entrust over £600m in assets.

Under the terms of the deal, Cofunds' institutional service will provide specialist fund dealing, settlement and sub-custodian services to Vestra in an effort to simplifying the amount of in-house processing, reduce costs and improve reporting.

Cofunds' link up with Vestra Wealth - which currently manages in excess of £2.4bn of total assets - comes as the platform giant looks to ramp up its activities in the "enterprise space" covering stock brokers, life companies, banks and fund managers.