Update: FundsNetwork signals IT push by offering Woodford trust

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Fidelity FundsNetwork is to make Neil Woodford's Patient Capital trust the first externally-managed IT available on the platform, in what it says is a "clear intention" of more to come.

The platform's investment trust offering is currently comprised of just five Fidelity trusts, but FundsNetwork said today it will give intermediaries access to the Woodford Patient Capital initial public offering (IPO) in the coming weeks. FundsNetwork users will then be able to buy and sell the trust on the platform once the IPO period has closed, a spokesman confirmed. The major advisory platforms are yet to offer third-party investment trusts to intermediaries post-RDR, despite plans to do so being mooted as far back as 2012. "It is our clear intention to build a scalable soluti...

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