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Fidelity surges ahead as IFAs&#39 favourite fund firm

Fidelity raced ahead of its rivals to secure almost a quarter of IFA fund recommendations in May, according to research company Keydata.

Its latest findings show that Fidelity received 24 per cent of IFA recommendations, an increase from its 14 per cent share at the same time last year.

Fidelity was well ahead of second-placed Credit Suisse, which received 9 per cent of recommendations.

Third was Invesco Perpetual with 8 per cent. Newton was fourth with 7 per cent and joint fifth were ABN Amro and Jupiter – which secured 9 and 7 per cent respectively last year – with 5 per cent.

The biggest faller was Norwich Union which, having been placed sixth last May with 6 per cent of IFA recommendations, fell to a lowly 18th, with just 1 per cent.

Keydata attributes Fidelity&#39s surge to its heavy ad spend. It believes that Credit Suisse&#39s ascent – it was 28th with 0.54 per cent last May – is due to its position as a leading manager in the income sector, currently the most recommended by IFAs.

Credit Suisse&#39s income fund, run by star manager Bill Mott, was the individual fund which received most recommendations from IFAs in May, followed by Invesco&#39s higher income fund.

Keydata director Hugo Huggett says: “Fidelity continues to spend heavily on advertising and this is reflected by its position. Credit Suisse is dominating the income sector and Invesco&#39s third position represents a vote of confidence in the Perpetual deal.”

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