FundsNetwork to reveal fund manager rebates by month end

Fidelity FundsNetwork has laid down the gauntlet to rivals by pledging to disclose payments it receives from fund groups by the end of the month.

The platform will publish a list showing where customers' money goes for every one of the 1,200 funds it sells, according to a report in the Daily Mail. In most cases an annual 1.5% charge paid by the customer will be split 50/50, with the fund manager getting 0.75% for managing the portfolio and FundsNetwork 0.75% for administering the investment. If the FundsNetwork customer has another, separate financial adviser, then he or she will get 0.5% and FundsNetwork keeps a lesser 0.25%. In a minority of cases, where annual charges are significantly below or above 1.5%, this split will di...