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L&H Fundstore offers access to 650 funds

Leeds & Holbeck Building Society is launching Fundstore, a white-labelled version of Fidelity&#39s FundsNetwork fund supermarket.

The service, initially aimed at L&H&#39s existing customers, will offer investors access to the full range of funds from nearly 50 fund managers available from the Fidelity supermarket.

The service is on an execution-only basis and allows investors to mix and match their investments with more than 650 funds from some of the UK&#39s top managers.

The service offers investors a 2.5 per cent discount off the fund manager&#39s initial charge as well as offering a range of “ready-wrapped” investment packages offering specially negotiated discounts between L&H and leading managers.

The packages are designed to enable investors to choose their preferred investment strategy off the shelf and includes a low-risk income option, a UK growth version or an ethical funds package. With the specially negotiated discounts, the initial charge on some packages is 0.5 per cent, according to L&H.

The minimum investment through Fundstore is £50 a month or £500 lump sum.

The society is initially piloting the service with a mailout to 10,000 of its members in the coming months.

Head of financial services Peter McAuley says: “Fundstore is a one-stop shop where people can compare individual fund performance, manage their investments, buy and sell individual funds or select ready-wrapped funds created for their convenience.

“Some people may question why we are launching at a time when stockmarkets are going through a difficult time. But for those who take a long-term view, stockmarket investing has been rewarding and has outperformed other types of investment.

“Past performance is no guarantee of future returns but recent research shows that investing in equities over the past 20 years has produced returns of 10.9 per cent a year after inflation, compared with 4.9 per cent for cash deposits.”

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