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Supermart move by Charles Schwab

Charles Schwab finally took its first steps into the UK fund supermarket arena this week, extending its broking services to include unit trusts and Oeics.

The move comes as Misys says it is signing up with fund supermarkets Skandia and Cofunds, giving its members free access to the platforms through M-link from the end of June.

Schwab also confirmed it will look to offer advice in the future but has not decided whether it will register as an IFA or enter into a strategic partnership with an existing adviser. It says it is unlikely to offer online advice.

Schwab hopes to make its stockbroking and fund trading services available online by the end of the year. Although it is mainly targeting the direct market, it says it has several fee-based IFAs using its facilities.

Schwab Europe director Will Kinsman says the firm is looking to work alongside UK advisers rather than compete with them.

He says: “Schwab in the US has a significant part of its business through investment managers – or IFAs as they are known in the UK – who use Schwab to provide a custody service.

“Schwab makes no sec-ret that our long-term stra-tegic ambition is to offer advice. But any assumption that we are attempting to go head to head with IFAs is jumping the gun.”


The Daley Update

Sterling has added eight fund links to its Isa, bringing the total number of funds available to 64 from 17 invest ment houses. The new funds are Artemis&#39s UK growth, income and UK smaller companies funds, Fidelity&#39s managed international, special situations and Wealthbuilder funds, Framlington&#39s health fund and Henderson&#39s independent growth portfolio. International Asset Management […]

Merrill Lynch focuses on elite 30

London-based Merrill Lynch Investment Managers’ Merrill Lynch defined returns fund is a split capital investment trust that is aimed at cautious investors. It is designed for those who want to invest in the stockmarket but who want a degree of protection from any sharp falls in the stockmarkets.Available for both income and growth the fund […]

Private Label allows online applications

Private Label is setting up an interactive website which allows intermediaries to complete mortgage applications online. A mortgage search facility on the site can produce illustrations compliant with the Consumer Credit Act, which can be printed and given to clients. It offers key features documents, reasons why letters and decisions in principle. IFAs can also […]

Virgin targets IFAs with mortgage comparison tools

Virgin One is introducing an online mortgage service as part of its drive into the intermediary market. From this week, IFAs logging on to will be able to compare clients&#39 existing mortgage with the Virgin One flexible current account loan. Virgin says it is hoping to enable IFAs to give clients a straightforward and […]

Finding security in bond markets

Martin Foden, head of credit research at Royal London Asset Management, explores the role of secured bonds, considering the impact of default and the characteristics of secured bonds versus supranationals and highlighting some examples. He also examines the evolution of the credit market and rating agency inefficiencies. Read the article in full: The value of […]


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