Cofunds is to add online valuations to its fund supermarket in the next month, writes Kira Nickerson...
Cofunds is to add online valuations to its fund supermarket in the next month, writes Kira Nickerson.
The supermarket is looking to start live testing with select advisers later in July with plans for a full roll out in a month's time.
The service, which is still paper-based and cannot support electronic applications, is also looking to be able to offer fund transfers and unwrapped investment funds by the end of the year. Cofunds has achieved a 6% market share of intermediary Isa sales in May, up from 5% in April, bringing the total assets of the supermarket to £100m since its launch.
Steve Glynn, managing director at Jupiter one of Cofund's shareholders, said it remains unlikely that any of the four groups, M&G, Threadneedle, Jupiter or Gartmore, will join Fidelity's competing supermarket by the end of the year.
He added: 'As far as Jupiter is concerned it is most unlikely that we will join Fidelity's service even during the course of the next Isa season, although we are happy to continue conversations with Fidelity in the hopes that they can allay some of our concerns about their proposals.'
The functionality of FundsNetwork has improved since launched, Glynn said, but the Cofunds shareholders still have concerns about the rival supermarket's pricing proposition.
An ambitious objective
'Something completely new'
'Illusion of control'
Reasons to be cheerful
Total investment reaches £9m