Threadneedle, M&G, Gartmore and Jupiter will not be joining Fidelity's FundsNetwork this year, write...
Threadneedle, M&G, Gartmore and Jupiter will not be joining Fidelity's FundsNetwork this year, writes Ruth Alexander in Investment Week.
The four, which supplied the funding for IFA supermarket Cofunds, deny recent reports that Fidelity and Cofunds were in discussions about a reciprocal arrangement which would see the groups feature on each others supermarkets in the near future.
Steve Glynn, managing director of Jupiter, speaking on behalf of the four groups, said: "None of us have any intention of joining FundsNetwork at this time. Indeed, none of the fundamental reasons for us not joining FundsNetwork in the first place have changed and we continue to support Cofunds, as we see a platform dedicated only for IFAs is the way forward.
Dave Cowdell, the head of marketing at Fidelity, concurred: "No reciprocal arrangement exists between Cofunds and Fidelity FundsNetwork."
However, Cowdell said Fidelity is in talks with Cofunds about Fidelity joining its service as it is something they are still considering. He said he was under the impression as well that the four groups had not entirely ruled out joining the Fidelity service.
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