AMP is on course to launch a fund supermarket this quarter, with a view to expanding the service int...
AMP is on course to launch a fund supermarket this quarter, with a view to expanding the service into a complete online investment centre by the end of the year, writes James Phillipps.
The company is looking to bring over its experience from the Australian online financial services sector and fill what it deems to be a gap in the market, according to John Blowers, marketing director at AMP.
He said: "The fund supermarket will definitely be launching this quarter, within a couple of weeks. We will offer straight-through processing and customers will be able to do the deal online with a debit card."
At launch, customers will be able to invest online in funds from 23 product providers. Initially, 400 individual funds, largely sold at a discount, will be available, selected on grounds of current market demand.
Blowers said: "We are selecting the funds on a popularity and volume sales basis and will look to expand that and bring more funds on board to suit the markets needs."
The service will enable investors to select up to seven individual funds in a single AMP wrapper and receive a consolidated statement from the fund supermarket. A share dealing facility will also be offered within months of the launch date.
Norwich Union is also set to launch its fund supermarket towards the end of the year. Investment Week understands it will feature the funds of some 14 providers.
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