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FundsNetwork will offer Pep transfers and non-Isa trusts

Fidelity&#39s fund supermarket FundsNetwork is to extend its service to include Pep transfers and non-Isa unit trusts.

The expansion will take place next month. Only Isas are currently available on the platform but Fidelity says it is also looking at offering closed-end funds as well as unit trusts outside an Isa wrapper.

Plans are also under way for the supermarket&#39s Euro pean launch next year, which would see Sicavs available to UK investors for the first time.

Fidelity is also reducing charges for switching bet ween funds. From next month, all switches will cost 0.25 per cent as opposed to the full initial fund charge which can be up to 2.25 per cent.

IFAs will have the option of adding commission to the switching charge.

The supermarket offers around 330 funds from 23 providers but Fidelity says it is in talks with several providers.

Britannic Asset Manage ment, Credit Suisse Asset Manage ment, Edinburgh Unit Trust Managers, Old Mutual Asset Management and Royal & Sun Alliance are joining at the end of November, taking the total number of funds to about 400.

Fidelity UK wholesale exec utive director Robin Threadgold says: “There is over £163;100bn invested in Peps and much of that does not get the management attention it deserves.

“We all know the market for Pep transfers is growing and it is likely to accelerate now that the investment res trictions on Peps are to be harmonised with Isas. So the ability to aggregate Pep money into one easily managed broadly diversified account could not come at a better time.”

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