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Fund firms snub Fidelity to open own supermart

Several of the big fund managers that shunned Fidelity&#39s fund supermarket

are planning to launch their own project.

Perpetual and M&G are understood to be in talks with Gartmore over the

possibility of creating a rival fund supermarket in the next few months.

Four major IFAs who have signed deals allowing them to use Fidelity&#39s

supermarket behind their own brandsay they have been approached by Gartmore

in the last few months. Although details of a new supermarket have not yet

been finalised, Gartmore urged the IFAs to not make any hasty commitments

before they have seen what will be on offer.

None of the major fund providers was willing to confirm or deny their

involvement with a new supermarket. But a Perpetual spokesman says: “Over

recent months, we have been in contact with a number of people but we have

no specific commitment to this or any other project.”

A Gartmore spokesman reveals it is examining its position: “We are looking

at a number of options at the moment, and deciding what will be the best

way to serve the market.”

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