The multi-asset fund market is set to grow "exponentially" in the coming years, driven by stronger demand from the IFA market, according to head of wholesale at Fidelity International John Clougherty.
Fidelity slashed fees on its £1bn AUM, five-strong Multi-Asset Allocator range in May from 0.25% to 0.2%, with the firm wagering that it can compete with industry giants in attracting growing inflows to the sector. "To compete with the likes of BlackRock and Vanguard, we decided we had to be aggressive on price," Clougherty told Investment Week. "This is an area of the market that will grow exponentially. Advisers need low-cost, 'fire and forget' solutions for smaller clients or clients that do not want the full advice service." Clougherty pins 'record' Q1 for Fidelity on investo...
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