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Chase starts up fund supermarket

Chase Manhattan Bank&#39s global investor services is linking up with


e-technology company Investia in a $20m venture offering an outsourced fund


supermarket service to product providers.


FundsHub is aiming to target banks and insurers looking to break into the


online investment market for the first time.


Product providers can connect to the supermar ket and offer their prod-


ucts direct.


The companies say the supermarket will transform the industry by giving UK


and European providers the means to offer online investment services to


their customers and keep their own brand without hav ing to go through


expen sive online development programmes.


FundsHub chief executive Mark Collier says: “In the leading markets, the


top four or five banks usually account for 75-80 per cent of net sales.


“Non-domestic fund managers account for only 7 per cent of total sales


across the Continent. Consumers are being underserviced and overcharged.”

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