Fidelity is set to overhaul its fund supermarket pricing structure after pressure from prov-iders to increase their share of the platform's revenues.
The climbdown over pricing follows Artemis's decision to withdraw from the platform earlier this year. Artemis had complained that the benefits from being on the platform were not worth their while in proportion to the costs.
Artemis's funds were set to be withdrawn on May 29 but it has reversed its decision and is set to add two new funds to the supermarket. Its special situations and European growth funds will be added to the platform over the next few weeks.
Fidelity says it is in talks with its fund partners to dev-ise a new pricing system, which will be more favourable to fund managers. But it stre-sses that no changes have yet been made and that no preferential treatment has been given to any one company. IFA commission and pricing structures will remain unch-anged by the alterations.
A source from one of the supermarket's fund partner companies says: “This is potentially a substantial improvement.”
Fidelity marketing director David Cowdell says: “We have not favoured one group over another. We are reviewing our pricing with all fund companies and as a result Artemis has decided to continue distributing their funds through FundsNetwork. We have been looking at our pricing on an ongoing basis. It will make no difference to the IFA at all.”
Artemis says it is unable to disclose the details of its discussions with Fidelity due to confidentiality agreements. Managing director Jamie Campbell says: “Suffice it to say, we have resolved our differences.”