Colonial First State (CFS) is considering launching a UK fund supermarket, following on from the suc...
Colonial First State (CFS) is considering launching a UK fund supermarket, following on from the success of its model in Australia, by Ruth Alexander.
The group, which is focused on boosting the online services it provides for UK IFAs, receives half of its fund flow via supermarkets in Australia, where it is the second-largest fund manager.
CFS offers Australian investors its FirstNet Master fund supermarket.
Master trusts, as they are known in Australia, blur the distinction between providers and IFAs by offering dealing, administration, record-keeping and tax-efficient wrappers.
Cathy Hales, head of marketing and communications at CFS, said: "The marketplace in Australia is very advanced, and we intend to use that technology in the UK. The fund supermarket is one of the options we are considering but we have as yet no concrete plans to launch a CFS-branded supermarket. We are just in the process of working through the specifics of an online strategy."
Hales said the development of CFS's online services will be an evolutionary process, and should be completed by the end of the year.
The group has appointed a new head of e-business, Mark Reed, to lead its online developments.
Reed, who was previously at PricewaterhouseCoopers, will take up his position in early May.
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