Four top UK fund providers are working together to launch an IFA fund supermarket this autumn to riv...
Four top UK fund providers are working together to launch an IFA fund supermarket this autumn to rival Fidelity's Funds-Network.
Gartmore, Jupiter, M&G and Threadneedle have contributed a combined £20m to launch a separate company, known as Consolidated Funds.
Headed by Sam Jensen, formerly of Fidelity's FundsNetwork in the US, Consolidated will offer IFAs a free, tailored, white labelled supermarket featuring all of the funds from the four groups, plus other investment houses.
IFAs will be able to brand the site with their own label and the supermarket will be tailored to all types of intermediaries, allowing for those who use commission, execution only brokers as well as fee based IFAs.
Jensen said: "The supermarket will offer a consolidation service for the administration of investment funds and multi-manager Isas." He added the purpose of the new company is that it will be completely separate from the four groups.
IFAs and other product providers will have legal arrangements with Consolidated concerning client confidentiality, not the four companies.
Slow progress in improving diversity
Share purchase deal with assets of £28m
Came into effect in January
Three examples of compensation rule issues
Buying in baskets