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Investment managers to launch new fund supermarket

Four of the UK&#39s biggest fund managers have combined to create a new independent fund supermarket company.

Jupiter, Gartmore, Threadneedle and M&G have each invested £5m to create a new IFA-based supermarket to be launched in November.

The new firm, called Consolidated Funds Limited, will be run by an independent board, but funded by capital from the four providers.

The four founding companies opted out of Fidelity&#39s supermarket, which launched this week, over fears joining would damage relationships with their clients. There were also concerns that joining the supermarket would lead to a loss of market share to Fidelity.

Perpetual were also in talks to take part in the joint venture, but pulled out after uncertainty over an imminent takeover.

The new company is to be run by Sam Jensen, who was previously involved in the establishment of Fidelity&#39s FundsNetwork in the US.

Jensen says: “Over three-quarters of UK investors choose to receive some form of advice before making an investment. This new company will enable them to access new and better services without changing their existing adviser,” says Jensen. “We anticipate offering the widest range of investment funds available through UK intermediaries.”


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Jupiter hits a rough spot

Last week&#39s departure of Jupiter chief executive John Duffield marked theend of an era for the asset management firm.Having held the top job since he founded the company 14 years ago,Duffield modelled Jupiter around his ideas and unique business style.Following the loss of star fund manager William Littlewood in April,combined with a recent period of […]

Duffield to set up another company

John Duffield, who departed as boss of Jupiter last week, is to launch anew asset management company.Duffield is also planning legal action against Jupiter&#39s parent companyCommerzbank for unfair dismissal.The 60-year old founder of Jupiter left after a row with Commerzbank over£80m which he claimed was owed to him and his colleagues. Commerzbankare reported to have […]

Saving grace

It is a general market reality that the more a customer spends, the betterthe deal they get. This applies as much when the customer is buying a crateof wine rather than a single bottle as when they are investing £10,000in a pension rather than £20 a month.Not surprisingly, the financial services industry spends a lot […]


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