18.07.2005
New alliance for Standard Life and Fidelity FundsNetwork
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Standard Life and Fidelity FundsNetwork (FNW) today announced an exciting joint initiative that will see Standard Life become the sole provider of SIPP and onshore Bond wrappers to the FNW platform. We believe the deal will create one of the strongest strategic alliances between two major financial services brands in the UK market.
Co-operation in the development of a range of solutions to meet adviser needs is fundamental to Standard Life?s distribution strategy. The alliance with FNW complements this strategy, creating a major alternative route to market for Standard Life's SIPP proposition.
Full details of the proposition will be announced, prior to launch, later this year.
Standard Life has established a strong presence in the SIPP market since launch of our in-house administered proposition in December 2004. Our on-shore Capital Investment Bond is highly regarded within the advisory market through its constant evolution.
This ground-breaking venture will see our two companies working together and individually for the benefit of our customers and financial advisers.
Nathan Parnaby, Managing Director Sales said:
"At Standard Life we are delighted to be working with one of the world?s leading fund managers, establishing an alliance that we think will realise tremendous benefits for advisers and their clients. I firmly believe that Fidelity FundsNetwork?s decision to join forces with Standard Life underlines the strength of our product offering and service capability in these areas. This announcement recognises the significant value Standard Life?s expertise brings to FNW and enables Standard Life to offer a complementary proposition to advisers using the UK?s leading Fund Supermarket."
David Dalton-Brown, head of Fidelity FundsNetwork said:
"This exciting alliance realises the benefits of increased cooperation, whilst recognising the need for both organisations to compete in their chosen markets. Service is at the core of our client/adviser proposition and this alignment of both our respective brand values will lay the foundations for the continued success of both companies."
FNW are highly successful in their field and have previously been selected to supplement the fund range of Standard Life?s own in-house SIPP offering, which has established a strong presence in this market in the short period since its launch last December. The sigma pension fund range will be added to the FNW platform to increase choice, by enabling advisers to select from insured pension funds or mutual funds available to the SIPP. Work on the design and implementation of the specific operational requirements to support the agreement will be carried out in the lead up to a planned launch in November 2005.
ENDS
Notes to Editors
- Standard Life currently manages assets in excess of £100 billion and has approximately seven million customers worldwide.
- FundsNetwork, Fidelity?s fund supermarket service, was launched in June 2000. It offers advisers and their clients the ability to invest, manage and monitor their investments in one place, bringing them control, efficiency and new business opportunities. Since launch, FundsNetwork has almost quadrupled its fund providers from the initial 14, more than tripled the number of funds available from the original 250, and raised a total of over £4.5 billion in sales. FundsNetwork currently offers over 900 funds from 54 fund management companies. The FundsNetwork service is offered and managed by Financial Administration Services Limited.