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Egg launches fund supermarket

Egg has launched its online fund supermarket to its 940 000 customers promising to give cash back and rebates on initial fees up until April.

The loss leading enterprise is thought to have cost tens of millions of pounds to create and opens four months later than scheduled.

The move takes Egg into the intermediary market with 169 unit trusts and OEICs up for grabs. Investment trusts will come online when the sharedealing service opens in summer.

The funds which are not Egg-branded come from 12 high profile fund management groups including Jupiter, Newton, Schroders and Aberdeen Asset Management but not Fidelity which launches its own supermarket this year.

The fee structure has surprised analysts. Ernst & Young&#39s financial services partner Jonathon Charley says: “It is quite a surprise that they feel the need to go for a price-led proposition. This will put their operations under extreme pressure.”


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