Fidelity Worldwide Investment has agreed to provide enhanced marketing for 15 of the top 20 fund groups on its FundsNetwork platform in exchange for making the
lowest share classes available on the platform.
Fidelity initially invited 89 fund groups to participate in its ‘Access’ programme in October. It says 86 per cent, including 15 of its top 20 based on assets under administration, have agreed to offer FundsNetwork their cheapest available share classes.
It adds that 7 per cent have been excluded from the Access programme as they have not agreed to Fidelity’s terms, which are based on “competitive pricing, quality products and operational effectiveness”.
The remaining fund partners have yet to agree their position. Fidelity declined to comment on the asset managers involved.
A spokeswoman for Fidelity says: “We will continue to work with excluded fund partners to try to resolve the situation.”