Virgin is launching a no-load consumer funds portal with access to funds from groups such as Fidelit...
Virgin is launching a no-load consumer funds portal with access to funds from groups such as Fidelity, INVESCO, M&G and Gartmore.
The site allows investors to look at product details from the providers and they are sent literature direct from the investment houses after they have registered on the Virgin site.
Many of these funds will be available cheaper through Virgin than by buying directly from the groups themselves. Gartmore said it did not see this as a threat to its IFA distribution because it was aimed at a very different customer base.
The funds supermarket will be available through Virgin's newly-launched financial website virginmoney.com and will also offer funds from Norwich Union and Family Assurance. There will be a total of 57 funds.
The move follows the launch of Fidelity's internet-based funds supermarket earlier this year. Gartmore, Jupiter, M&G and Threadneedle are working together to launch an IFA funds supermarket this autumn.
M&G and Fidelity's offering through the Virgin funds supermarket will be restricted to their existing no-load funds.
The Fidelity funds available will be MoneyBuilder Income and MoneyBuilder Plus.
The M&G funds on the site will be Corporate Bond, Gilt & Fixed Interest and Managed Growth.
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