Fidelity plan for European supermarket
Fidelity is planning to roll out its internet-based fund supermarket into the European market, start...
Fidelity is planning to roll out its internet-based fund supermarket into the European market, starting in Germany.
The supermarket, which is targeted mainly at IFAs in the UK, will be launched in mid June but the group does not plan to launch the service into Europe until the end of the year.
Richard Wastcoat, managing director of UK retail at Fidelity, said: "As the European version will feature some different funds and be hosted in different languages it will take some time to put it all together.
"The level of interest from providers together with interest from IFAs shows there is a real opportunity in Europe to offer a broad range of funds. We currently have 12 companies signed to the supermarket and many of these have European distribution. At the moment we are also targeting international companies which are looking to increase their distribution."
While the UK supermarket will only feature Isas initially, the European version will feature funds. Each country has varying regulations, for instance on electronic signatures, when it comes to selling mutual funds online. As a result in each separate country the supermarket will be seen as a local product, following the dealing and settlement requirements of that country.
The product will be phased in country by country, starting with Germany followed by France and Scandinavia.
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