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Standard Life launches review of its fund supermarkets

Standard Life is reviewing its FundZone and Sigma fund supermarkets to see how it can introduce more flexible wrap capabilities if they are needed. 

The first changes will affect the bundled Sigma fund supermarket, traditionally used to access Standard Life Investments funds.

Standard says in Q1 next year, the 4 per cent of Sigma users invested in funds managed by third parties will be given options to update their existing arrangements. This will include moving to an unbundled model on the FundZone platform.

Standard Life head of adviser platforms David Tiller says: “Advisers are looking for fund supermarkets to offer the type of services more commonly found on a wrap platform, including the ability to switch on more sophisticated functionality as and when they need it.  

“Given that we already have scalable wrap technology in our stable, we are looking at how we can use the underlying systems architecture to offer a natural upgrade path for fund supermarket advisers looking to access that additional functionality.

“The review will look at how we do this in an efficient manner without asking advisers to re-register their clients’ assets.”

Derbyshire Booth managing director Greg Heath says: “It will be key that as it develops its plans Standard Life talks to advisers and does not just consult technicians.” 

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