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Fund supermart is first to take offshore focus

TD Waterhouse and Banque Generale du Luxembourg are teaming up to launch an offshore fund supermarket offering more than 200 funds from nine providers.

Claiming to be Europe&#39s first comprehensive offshore supermarket, the Internaxx service carries offshore unit trusts and Oeics from prov-iders, including Fidelity, Schr-oders and Credit Suisse Asset Managers, as well as 40 in-house funds run by TD Asset Management and Fortis Inv-estment Management.

Internaxx is aiming to market the funds, which are available on an execution-only basis and which are not regulated by the FSA, at customers wanting to domicile their assets offshore.

It says consumers will benefit from transparent pricing, with no trading commission on purchases and redemptions of unit trusts.

The service also includes access to independent fund research from Standard & Poor&#39s.

Internaxx managing director Angus Rigby says: “Our offshore fund supermarket is as sophisticated as any onshore online broking service. Mutual fund investment is set to grow to over four trillion euros by 2004. With more than 10 million UK expats living abroad, our fund supermarket is well placed to offer offshore investors flexibility, real performance and cost-efficient alternatives to existing products.”

Roger Sanders Associates principal Roger Sanders says: “Developments of this type are to be welcomed by IFAs. But there is still no evidence that there has been a rapid rise in demand of consumers wanting to deal on the web without advice. The problem they may have is this is a business-toconsumer proposition but the way to use the internet is business to business through IFAs and incorporating aggregation technology.”

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