FundsNetwork assets boosted by Egg purchase

Current Egg customers will be contacted shortly and asked to give their consent to transfer on to FundsNetwork. However, this move will incur no costs. The deal will extend the current number of funds offered by Egg from 220 to 900 from a total of 54 fund providers.

Added to the FundsNetwork platform last week were the latest Gartmore and Schroder funds of funds. This takes the number of fund of funds products now offered on the platform to 93 from 16 providers.

According to Fidelity research, multi-manager is the fastest growing adviser product sector, with nearly 73% of intermediaries now recommending the products.

The charges on the Bambos Hambi-managed Gartmore funds – Active, Cautious, Global High Alpha and UK High Alpha – are 5% initial, 3% of which will go to advisers as an initial commission. As an added incentive, FundsNetwork is offering an extra 1% enhanced commission before the end of the year and there is a 0.5% trail.

The Isa charges on the two Schroder S&P High Alpha and Strategic Balanced portfolios are 3.25% initial and 3% commission. Outside the Isa, the initial fee rises to 5.25%.