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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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