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NU setting up a fund supermart exclusively for IFAs

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 &

General.

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&#39s 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.”

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