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IFAs told to make supermart choice

The fund supermarket war hotted up this week with latest entrant

Consolidated Funds warning IFAs they must choose between the company or

rival Fidelity.

Consolidated has told IFAs it will be impossible to sign up to both

companies because they will experience operational difficulties.

It says signing up to Fidelity means they risk missing out on Consolidated funds.

Consolidated Funds chief executive Sam Jensen says IFAs who have signed

statements of intent to go with Fidelity should consider their position

carefully as it will be difficult to change their minds later.

Competition between Fidelity and the new fund supermarket, which has

Jupiter, Gartmore, M&G and Threadneedle as founder members, is set to be

fierce as Jensen claims Consolidated Funds will “thwart” Fidelity and will

be the best.

But four major investment IFAs, Hargreaves Lansdown, Chase de Vere

Investments, Torquil Clark and Best Investments, which signed letters of

intent to work with Fidelity, say they intend to go ahead with the deal.

Jensen says: “Independent advisers should think through the operational

consequen-ces of signing up with two supermarkets.

“They should not make a decision to sign up with Fidelity yet as they will

get tied into the deal and find it very difficult to go back on their

decision. We have a big selling point over Fidelity as we will only deal

with IFAs and not directly with consumers. We will be the best.”

Following recent meet-ings with EMX chief executive Caroline Lee, Jensen

says Consolidated Funds has decided not to sign up with Autif&#39s portal yet

although it may in the future. Jensen says it does not make commercial

sense for Consolidated Funds to sign up at this stage as EMX has only just

started to roll out.

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