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Fidelity bids to double supermart firms

Fidelity is aiming to double the number of fund providers available through its FundsNetwork supermarket next month.

Several fund managers, including ABN Amro, Credit Suisse Asset Management and SG Asset Management, have confirmed they will be joining the likes of Invesco, Newton and Schroder, which signed up earlier this year, while several others are finalising deals with Fidelity.

Fidelity has confirmed the number of new fund providers will run into double figures.

The deadline for the latest round of new fund providers to register is September 6 but there are expected to be regular recruitment drives for providers over the coming months.

Investec Asset Management and LeggMason Investors are among a group of other prominent providers looking at Fidelity but they are unlikely to join in September.

FundsNetwork, which was launched in June, currently offers more than 250 funds from 14 fund providers. It is believed the new providers will take the number of funds available online to more than 400.

IFAs have welcomed Fid-elity&#39s move to expand the funds available through its supermarket.

Chase de Vere investment adviser Justin Modray says: “As far as we are concerned, the more the merrier. If Fidelity has every fund manager in the market, that would be nirvana. We want to provide the widest range of funds for our clients.”

Fidelity associate director (UK wholesale marketing) David Cowdell says: “Our goal is to double the number of companies by the end of the year.”

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