Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a703142
FundsNetwork prepares £16m spend to counter wrap threat
by Daniel Grote on Sep 16, 2013 at 08:25
Fidelity Worldwide Investment has outlined plans to spend $25 million (£16 million) on FundsNetwork over the next 12 months as part of a ‘multi-year investment programme’ to counter the threat posed by wraps.
Speaking to the Financial Times, Fidelity UK managing director Hugh Mullan said the group was responding to the greater capabilities offered by wrap platforms.
‘They offer a wider range of products,’ he said. ‘We will invest heavily in Fidelity FundsNetwork to broaden its range of services, with a brokerage, full tax management, additional tax wrappers, and we are going to make it competitive against the new threats.’
FundsNetwork head Pat Shea told New Model Adviser® last month that his three-year multi-million pound revamp plans for the platform would involve ‘investing more into FundsNetwork than we ever have in the past. It is three years of major development: in its proposition, service, usability and client experience.’
News sponsored by:
Today's top headlines
- Autumn Statement: Gov't rejects changes to drawdown regime
- Autumn Statement: Gov’t scraps stamp duty on ETFs
- Autumn Statement: Gov’t launches NIC top-up scheme for flat-rate state pension
- Gov't confirms £10.5k personal allowance and marriage tax breaks
- Autumn Statement: OBR doubles forecast for UK growth to 1.4%
Challenged by growing risk aversion?
Challenging financial markets over recent years have resulted in growing risk aversion among British savers and led many to seek safety in cash. Click here for more.
More about this article:
More from us
What others are saying
by William Robins on Dec 05, 2013 at 12:20