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Fidelity and Henderson join Selestia with better deal

Fidelity and Henderson became the latest providers to sign up to Selestia this week as the platform agreed to improve its terms.

The two fund firms had opted not to sign up to Selestia at launch as they were unhappy with the charging structure. Those providers which initially joined the platform get no front-end charge and only 50 per cent of the annual fee on all business received through Selestia.

The move is expected to spark a further round of charge negotiations for Selestia as the existing providers ensure they are getting the best rates.

Schroders director Robin Stoakley says: “It is always irksome when you discover other groups are getting better terms than you might. But we have agreements with all our fund supermarkets that if one group gets better terms than us we have the right to renegotiate.”

Selestia director Bill Vasilieff says: “So far what we have done has been well received. We have not had a lot of negativity about the selection of fund managers available but obviously we are keen to ext- end our choice.”

Fidelity marketing director David Cowdell says: “Fidelity only participates in those platforms we believe will be successful. Selestia&#39s supermarket functionality is well regarded by IFAs and we hope the addition of Fidelity&#39s funds will further streng-then the proposition.”

Henderson head of UK retail Simon Ellis says: “In response to their revised pricing proposition, we are happy to go in.”


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