Egg is planning two further distribution channels now that its internet fund supermarket is finally ...
Egg is planning two further distribution channels now that its internet fund supermarket is finally operational.
Plans for a digital TV channel and a WAP (wireless application protocol) service, which will enable information, such as valuations or alerts on falling prices, to be received by mobile phone. The Egg internet site will eventually have a share dealing service too.
The funds supermarket was first revealed by Investment Week last summer, the fund and now has 169 funds from 12 providers. The providers were selected on retail presence, size and brand reputation. Not all invitees chose to join Egg, although other recruits will be coming on board later this year, including some US players which have not yet marketed their funds in the UK. During the launch period, which lasts until 27 April, some of the funds will have zero initial charges or a discount. Investors will also receive a 1% cash-back on all Isa sales, paid into their Egg bank account. Investors must hold the bank account before being allowed to invest in the funds from the supermarket. Egg receives half of the fund provider's annual management fee.
After the launch period, initial fees will rise to a higher level. Alistair Milne, managing director at Egg Investments, said: "We will not be competing head on with the discount brokers but we believe our service has more to offer than just transacting."
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till