Multi-tied network Openwork will make it compulsory for the majority of advisers to use its distributor influenced funds (DIF) Omnis Investments from next year.
From the second quarter of 2013, the network will move from allowing its advisers to use its current investment panel of 35 fund groups instead making it compulsory for the majority to use it’s the Omnis Investments range.
Openwork will select a small number of advisers who will be able to use a wider range of investment, who will still use Omnis as their core investment offering.
Omnis Investments currently offers a range of fund of funds run by Octopus, and single manager funds run by Threadneedle.
Philip Martin (pictured), propositions and marketing director at Openwork, said the firm was looking to expand its offering and have ten fund groups on the Omnis panel.
'From next year we will expand the Omnis offering and a small number of advisers will have a wider remit beyond Omnis, but it will remain their core investment offering,’ he said.
'We've decided to mandate the rest of the advisers to Omnis because we want simplicity in the process and deliver high quality investment management and quality choices to the advisers.'