Asset managers Farlake Group have stolen a march on bigger name rivals with the launch of an online fund supermarket service “Investment Funds Direct.”
The execution only site www.fundsdirect.co.uk has left higher profile competitors such as egg: and Fidelity in its wake with its launch on December 1.
The website offers investors the choice of 1,500 funds and promises to rebate all initial commission and any discounts back to the investor. It estimates this will save investors nearly £1bn a year.
The site also offers investors access to information on fund performance, size, fact sheets and consistency.
Initially portfolio valuations will only be available through weekly fund price updates, but by spring 2000 it is planned to have a full portfolio valuation service available online.
Farlake group managing director Sean Ewing says: “We are not just waiting around waiting for the big US companies to come in.
“We believe that our service is the first of its kind and will break the mould. This direct access should make equity investment more popular and accessible.
“We have provided individual investors with the opportunity to invest on institutional terms with all commission and discounts rebated.”
Fidelity senior marketing manager David Cowdell says: “There is more to setting up a fund supermarket than just offering funds from different providersw direct to the public.”