Norwich Union is planning to launch a new fund supermarket exclusively for
IFAs early next year which is poised to rival Fidelity, Cofunds and Legal &
The supermarket is still in the early development stages but Norwich Union
hopes to launch the venture in the first quarter of 2002 following the
launch of its online wealth management service in May this year.
The direct fund supermarket, which will offer 60 funds from 15 different
managers, is due to go live before the end of the year.
NU has now pledged its intentions to make a separate fund supermarket
available purely for the IFA distribution channel. It does 75 per cent of
its overall business through the IFA route.
Details of what funds might be offered to IFAs are yet to be finalised but
it is likely that the supermarket will come under the NU brand.
The move follows Legal & General's recent announcement in May that it is
planning to develop an IFA and direct fund supermarket offering a “best of
breed” selection of funds.
NU spokesman James Evans says: “We believe a fund supermarket is a
valuable extra service IFAs can offer. It is an addition to their armoury.
“The IFA market is of huge importance to us and we are investing a lot of
time and effort in supporting that market.”