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Fidelity to pay renewal commission on Sicavs

Fidelity is to start paying renewal commission both on lump-sum investments and regular savings business into its Luxemburg-domiciled funds for the first time from this week.

From August 7, Fidelity will pay advisers 0.5 per cent trail commission on 27 of its Sicav funds, including its China focus and India focus funds, as well 16 of its other offshore funds which were recently given sterling share classes.

Fidelity head of IFA channel Peter Hicks says: “At Funds Network, we saw for a while how important it is to get recurring revenues into your business.

“It puts you on a stronger financial footing and the broker gets rewarded for servicing existing clients. A lot of advisers are looking to make the transition for their business towards recurring revenue. It is good for their business, good for ongoing service and is paid out of the annual management charge so there are no extra costs.

“Offshore funds are playing an increasing role in portfolio asset allocation, with more advisers using offshore funds as part of their regular fund universes.”

Chelsea Financial Services managing director Darius McDermott says: “In the past, Fidelity has often been seen as being aloof but this is good news. It is a step in the right direction for them in improving their relationship with advisers.”


Credit-check reference firms

Last weekend’s excellent Radio 4 programme Inside Money highlighted the inadequate level of help and protection given to people suffering from identity theft.

MLIM appoints Melvin for strategy and business development role

Merrill Lynch Investment Managers has appointed Sarah Melvin as director of strategy and business development for Europe, Middle East and Africa (EMEA).Melvin joins from Gartmore Investment Mangement where she was strategy manager heading up a range of projects including reviews of the group’s Japanese and hedge fund businesses. She previously worked at AMP, NPI and […]

Zurich PTA plan is Tala-made for advisers

Zurich Financial Services is to extend its pension term assurance product to the IFA market in the fourth quarter. The product, called tax advantaged life assurance or Tala, is currently only distributed through the Openwork network but Zurich says it is tweaking the product to ensure it is suitable for the whole of the IFA […]

Interest rate rise should act as catalyst for saving

The decision by the Monetary Policy Commitee to increase interest rates by a quarter per cent should act as a wake up call for the UK consumer so start saving and consult their adviser, says IFA Promotions.


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