Wednesday 21 February 2018

RaboDirect customers have days to sell up

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Charlie Weston

Charlie Weston

INVESTORS who use RaboDirect services have just days to sell their funds.

If they do not sell up by April 24, the funds will be transferred to Cantor Fitzgerald for administration.

RaboDirect said last November it was shutting its investment service here.

The move comes after Nationwide UK said it was closing its deposit-taking operation in Ireland.

Customers of RaboDirect got a letter this week telling them they have until April 24 next to sell their funds.

The Dutch financial services group said funds that have not been sold will be transferred to Cantor Fitzgerald for administration.

Last November Rabo said it was withdrawing from the investment services market in this country.

At the time it said the decision stemmed from moves by the Rabobank Group to simplify its business model internationally.

This led to the decision to withdraw the managed funds offering here, it said.

Rabo had more than 90,000 customers when it said it was ending its service.

They were attracted to use its services due to low fees.

Last week Rabo withdrew the option of purchasing funds on its website.

RaboDirect had no comment.

Irish Independent

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