REUTERS/Dylan Martinez/File PhotoBritish online trading group CMC Markets (CMCX.L) on Thursday set out plans to launch a wealth management platform, going head to head with existing players such as Hargreaves (HRGV.L) and AJ Bell (AJBA.L), after reporting a doubling in annual profits.
CMC, which facilitates the trade of complex financial instruments, raised its outlook multiple times this year as a retail trading boom fuelled volumes.
Rivals IG (IGG.L) and Plus500 (PLUSP.L) have also reported strong results, powered partly by the "GameStonk" retail trading phenomenon.
read more'UNDERCUT THE MARKET'The GameStonk effect has been most visible in the United States, where online brokers such as Robinhood have thrived on the back of a retail trading boom.
The company did not disclose further details on its planned wealth platform, first reported by Sky News, but Cruddas was confident of its prospects.
Dylan Martinez, Hargreaves, AJ Bell, Peter Cruddas, David Fineberg, Cruddas
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