2007 – The year of the SIPP for Fidelity FundsNetwork

Fidelity FundsNetwork has marked 2007 and the 2nd anniversary of its entrance into the Life & Pensions market with over £900 million of SIPP, Investment Bond and International Bond assets. FundsNetwork has firmly established itself as a market leader and now commands over 7% of new SIPP sales.

As well as its success in the SIPP market, FundsNetwork has enjoyed another record year across the platform. Despite volatile markets, new sales of fund partner funds via IFAs are up by 38%, with assets under custody increasing by 35% on last year, and fast approaching £13bn, out of total Fidelity UK retail assets of £34bn.

The launch of an open-architecture International Bond earlier this year completed the range of core tax wrappers on the platform, and advisers who have clients with Inheritance Tax (‘IHT’) planning needs can now use the FundsNetwork range of Multi-Asset Trusts. More recently, FundsNetwork launched its With Profits Analyser Service, while other enhancements in 2007 included: online switching for the Investment Bond, International Bond and SIPP and 6 new fund groups joining the platform.

David Dalton-Brown, Head of Fidelity FundsNetwork said: “2007 has been a year of rounding our offering - through adding the With Profits Analyser, Trusts and International Bond – whilst beginning the move towards a full service solution through increasing training and IT services to advisers.

“Our position in the SIPP market has gone from strength to strength and this drive will continue through next year as we cement our position as one of the UK’s leading investment and retirement platforms. We are looking forward to 2008 where we plan to continue leading from the front with a series of platform enhancements.”