As part of Interactive Investor’s acquisition of the TD Bank Group’s European direct investing business – TD Direct Investing – TDDI’s Luxembourg-based international business has been re-named Internaxx, and will continue to be based in the Grand Duchy.
The re-naming of the Luxembourg operation came this week, as UK-based Interactive Investor announced it had completed its acquisition of the Toronto-based banking group’s European platform operation, which provides investment facilities direct to consumers. The acquisition has created “the UK’s second-largest investment platform (the largest being Hargreaves Lansdown’s Vantage platform), with assets under administration of £21bn (€24.2bn, US$27.2bn), and more than 300,000 customer relationships, Interactive Investor said.
The Internaxx name comes from Internaxx Bank, which is what the Luxembourg entity was known as before TD Bank Group changed it to TD Direct Investing International in 2012, in order, it said at the time, to create a “global brand image” for its TDDI branding.
The business now known again as Internaxx was launched in 2001, and acquired in 2010 by TD Bank. It offers online share dealing, offshore mutual funds, FX and derivatives trading facilities to more than 12,000 mostly expatriate and international clients, most of whom are in Europe but some of whom are in the Middle East and Asia, a company spokesperson said. Client assets under management currently total more than US$2bn.
Although it is currently only a direct-to-consumer platform, a company spokesperson said there are plans to review this, and whether there might be a case for adding a B2B business, catering to wealth managers and financial advisers, as well.
Interactive Investor is a UK-based trading and investment platform, founded in 1995. It also owns Moneywise and Money Observer, personal finance and investment-based websites and magazines.