Dresdner Kleinwort Wasserstein (DrKW) is to offer users of its bestconnect platform trading in unit trusts and OEICs, in conjunction with JPMorgan's fund aggregation, dealing and settlement service FundsHub.
Aimed at larger discretionary wealth managers, 'bestconnect funds' is scheduled to go live in July 2003 and will offer access to about 2500 unit trusts from approximately 80 fund managers.
By broadening its product coverage, DrKW becomses the first retail service provider (RSP) to offer a one-stop trading hub for UK stockbrokers in cash equities, covered warrants, investment trusts and unit trusts.
Maneesh Jain, head of bestconnect, DrKW, says discretionary managers have been reluctant to increase exposure to unit trusts because of the high costs and inefficiency of manual and paper-based dealing.
"Bestconnect funds will offer convenient electronic access, cost effective dealing and standardised settlement for unit trusts to UK stockbrokers," adds Jain.
DrKW says it is currently working with four UK discretionary wealth managers and says it expects further clients to be added to the service throughout the year.