Fidelity has agreed to buy the Egg Invest online fund supermarket, bringing 60,000 customers and £17...
Fidelity has agreed to buy the Egg Invest online fund supermarket, bringing 60,000 customers and £170m onto its FundsNetwork platform. Due to be completed in the first quarter of 2005, subject to regulatory approval, the deal is for an undisclosed amount, although Egg said the transaction will result in a one-off cost to the company of £3m and lead to annual savings of a similar amount in the future. Egg Invest is disposing of its fund supermarket, launched in March 2000, to focus on its core UK banking business. Egg customers will be contacted shortly and asked to consent to the trans...
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