CMC Markets PLC (LSE:CMCX) is to broaden its platform to include self-invested pensions (SIPPS) and mutual funds with Singapore also to offer ETFs, options and futures.
Peter Cruddas, chief executive and founder, said: "Over the course of the next 12 months, we plan to introduce a new multi-asset platform capable of trading a much wider range of instruments.”
UK pensions offer a “significant opportunity”, added the group, with direct contribution assets under management at £290bn.
The spread bet specialist also confirmed trading had slowed sharply in recent months.
Since March, activity across its platform had been 15-20% lower than a year ago it said, mirroring general market trends.
Results for the year to end March 2023 showed net operating income rose by 2% to £288mln and trading net revenue up 1% at £233mln though profits fell 43% to £52.2mln.
CMC said the lower profits reflected heavy spending on new product development, with expenses up by 26% to £217mln.
Expenses are set to rise again to around £240mln in the current year following recent hires but this will be the peak with costs slowing in 2025.
On trading, CMC said the lower activity since March will affect first-quarter net operating income, though its longer-term target of 30% growth in the three years to 2025 remains unchanged.
The dividend for the year just ended is 7.4p (12.4p).