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Fundsnetwork hits £3bn mark

Fidelity&#39s fund supermarket Fundsnetwork sales have passed the £3bn mark for funds under management.

The supermarket was launched to IFAs and the public in June 2000. It says it has seen sales growth of more than 60 per cent this year taking an average of £6.8m in business each working day.

The supermarket says both new business and re-registration of investors&#39 existing assets have contributed equally to what it calls the acceleration in sales this year. It says it is now the biggest fund supermarket for both Isa and Pep investments and will continue to invest to ensure it maintains its leadership position.

Fidelity managing director for UK mutual funds Richard Wastcoat says: “Fund supermarket platforms are now firmly established in the mainstream, having enjoyed a rate of adoption by intermediaries quite unparalleled by any other comparable new technology within the industry. Looking ahead, we recognise that supermarkets must continue to develop their offerings in terms of new products.”

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