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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.”


Ritchie sends three wishes for new deal

Pension guru Stewart Ritchie has sent the new Work and Pensions Secretary Alan Johnson his three wishes for pension reform. Scottish Equitable director of pensions development Ritchie has also offered the new minister the goodwill of the pension industry as he starts in his new role. The first wish is unity of purpose between the […]

Independent view

Some recent letters in this publication have had a musical thread running through them and I shall continue in that vein, being reminded as I am of the mid-1970s song Pick up the Pieces by the Average White Band. Sufficiently popular at that time to reach Number 1 in the US charts and for me […]

Insinger in multi-manager index call

Investment bank and multi-manager Insinger de Beaufort has called for multi-manager performance to be measured by its own index so that funds of funds can be truly compared. Speaking at the Sway conference in Monte Carlo last week, director Peter Fitzgerald said IFAs are subjected to undue risk and are unable to make inf-ormed decisions […]

Santander plans back-office boost

Banco Santander Central Hispano has written to IFAs who sell Abbey products to tell them how their business relationship will develop if its takeover bid goes ahead. The letter, signed by Santander executive vice-president Juan Rodríguez Inciarte says: “Our aim is to drive business in all of our channels, maximising business through Abbey&#39s existing brand […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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