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Fidelity fund supermart shelves will lack big names wary of IFA reaction

Fidelity&#39s fund supermarket is set to go live without some of the major

fund management companies yet on board.

Insiders say many high-profile names have not yet signed because they are

concerned that linking up with Fidelity will damage their relationship with

IFAs.

It is understood that several major investment houses, including Gartmore,

Threadneedle, M&G and Schroder, have yet to sign up to the venture which is

being launched in June.

They fear that their relationships with intermediaries could suffer

because Fidelity will hold all customer records and will be able to provide

IFAs with all the information they need.

Fidelity now has a fight on its hands to convince groups to join up for

its service, which will offer investors the choice of going through an IFA

or doing it themselves via an execution-only service.

It will pay IFAs commission levels matching the rates of traditional

channels and is to offer more than 300 funds from 12 major groups.

A fund industry insider says: “It could be like putting your head in the

mouth of a lion and it will either bite your head off or you will emerge

unscathed. We are very concerned.”

Fidelity executive director Robin Threadgold says: “We are keen to attract

the major Isa players and they will add value to the service. We aim to

have 12 providers for the first phase and we are confident that this will

be achieved.”

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The Budget 2015: a brief overview

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