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Fidelity gets 60,000 clients in Egg deal

Fidelity has bought Egg Invest in a deal that will see 60,000 customers transferred to FundsNetwork.

The fund supermarket arm of Egg will mean that FundsNetwork will take on an extra £170m in assets under management when the deal is completed in the first quarter of 2005.

FundsNetwork has recorded sales of more than £3bn since its launch in 2000 and offers access to over 900 funds and 54 product providers.

Egg Invest is 79 per cent owned by Prudential but it has been trying to sell off its stake. There are 21 fund management groups represented on the Egg Invest supermarket shelves and clients can deal in 245 funds at a discount.

Visitors to the Egg Invest website were told on Tuesday of the move to Fidelity FundsNetwork. A message said that, subject to regulatory approval, all investments would be transferred in the New Year.

Clients will get a letter in November saying what they need to do and what it means for their investments.

Egg director of banking and insurance Andy Deller says: “Partnering with Fidelity for our investment platform creates considerable improvements to the service that we can offer customers.

“With FundsNetwork, Egg Invest customers can expect significantly more fund choices and facilities while enabling Egg to remain focused on growing its core business areas.”


Introducers to face VAT threat over referrals

Mortgage introducers who get a fee for referring clients on to an intermediary or network could face VAT bills. The position has been clarified for appointed representatives who will not pay VAT if they are working within a recognised network structure but it looks likely that mortgage introducers will be liable for VAT. Lead-generation agencies […]

Marlborough Stirling in Exchange sale talks

Marlborough Stirling is understood to have held talks with four product providers to negotiate a consortium purchase of its IFA portal The Exchange. Four product providers, including Norwich Union, Standard Life and Aegon are understood to have been in talks to agree a joint purchase of the portal. None of the four providers is thought […]

Get in training

Mortgage regulation at the moment could be compared with being at the 18-mile mark of a marathon. Most of the strong runners have already passed the finishing line by receiving their FSA grant of permission. Some of the field may have dropped out along the way and others are still trying to make it home. […]

Smee calls for a grace period if network fails

Aifa director general Paul Smee is calling on the FSA to allow appointed representative a grace period if their network goes out of business. Smee is concerned that when a network goes into administration its ARs could have a very short period of time to make fundamental decisions about the future of their businesses. Smee […]

Key themes for 2017

Capital Market Notes, December 2016 Dave Lafferty, chief market strategist at Natixis Global Asset Management, assesses the accuracy of his 2016 outlook and provides his thoughts and outlook for 2017. Click here to read the full article


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