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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.”

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