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Fidelity transfers 40,000 clients to fundsnetwork

Fidelity has completed the transfer of 40,000 customers on to FundsNetwork following its purchase of Egg’s investment business. The group says this is the biggest migration of supermarket clients.

Egg customers will have full access to all funds available on FundsNetwork and can view their fund balances online through Egg’s aggregation service Egg Money Manager.

Research by Fidelity shows that four out of 10 investors could not place an accurate value on their portfolio to the nearest 500.

FundsNetwork has sold more than 3.4bn in funds since its launch in 2000, offering investors a choice of over 900 funds from 54 fund firms.

Fidelity managing director Richard Wastcoat says: “Egg customers should see the benefits immediately because FundsNetwork offers a far broader range of providers, funds and planning tools.”

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