FundsNetwork recruits ex-Skandia manager and hits £40bn

Fidelity FundsNetwork has appointed ex-Skandia sales manager Lee Keeper as its business development manager for London and South East.

Keeper left Skandia in October 2012 as part of the company's restructure which saw it cut 200 jobs following the merger of the Skandia business with Old Mutual to create Old Mutual Wealth.

FundsNetwork also announced it now had £40 billion in assets under administration on the platform, almost double that of its fund supermarket rival Skandia which announced in November 2012 that it had £21.7 billion of assets on its platform.

Paul Richards, head of sales at FundsNetwork, said: 'Reaching the £40 billion mark is a fantastic start to the year, demonstrating our scale and ongoing growth, as one of the leading platforms in the industry.

'Lee will be a great addition to the team. He brings a wealth of knowledge and experience to this newly created role and joins FundsNetwork at an important stage in our development. Over the coming months, we will continue to expand the sales team and strengthen the support we offer advisers and their clients.'