Wrap/platforms

UK equities overtook global specialist funds to become the second most popular asset class on the Skandia platform in the third quarter, with multi-asset funds remaining in the top spot.

Fidelity's FundsNetwork platform is to offer all new unwrapped investments, ISA, and pensions through clean share classes only by the end of the year.

Axa Elevate has teamed up with Winterflood Business Services to cut the cost of trading securities including ETFs across the platform by moving to an aggregated system.

American tracker funds were the preferred choice among Nucleus members in the third quarter, with the HSBC American Index emerging as the fastest growing fund on the platform.

Standard Life has unveiled the details of its unbundled charging structure, which it said will include discounts for some advised clients.

SUPER CLEAN

Cofunds has written to fund groups demanding contractual rights to the best share class deals in the market - as and when they become available.

Fidelity is to spend £250m across its UK platform business over the next five years as part of a plan to enhance its open architecture proposition and dominate the distribution landscape.

Old Mutual Global Investors has become the latest fund group to agree super clean share class terms with Standard Life, an arrangement extending across its entire fund range.

Cofunds has said its move to scrap its £40 annual fixed platform charge for some users will impact around 80,000 clients, indicating an initial hit to revenues of around £3m.