FundsNetwork today announces its pioneering link to FundsLibrary, enabling investors free access online to the annual reports, accounts of nearly all 900 funds on the supermarket platform, removing the need to approach each fund provider directly for this information.
FundsNetwork is the first fund supermarket to offer this online service, working in conjunction with FundsLibrary, an online information portal developed by independent brokerage firm, Hargreaves Lansdown PLC.
David Cowdell, UK Personal Investments, Fidelity Investments, commented: "We are delighted to be partnering with FundsLibrary to offer this new information service for investors. This is a significant development for the fund supermarket arena, since it removes arguably the last drawback of investing through a platform, namely restricted access to fund companies' own reports and accounts. We will continue to roll out similar enhancements, even as we build our wrap proposition with the development of our bond and SIPP products due later in the year."
Previously, investors and advisers using supermarket platforms were required to approach fund providers directly for key documents such as manager's reports. These are now available online, alongside FundsNetwork's existing online information services and tools, powered by Morningstar and Standard & Poor's.
Stuart Louden, Managing Director of FundsLibrary, commented: "We are delighted that Fidelity's FundsNetwork has chosen to work in partnership with FundsLibrary to further improve the depth of information available to their clients. FundsLibrary acts as a central repository of fund data and documents, seeking to simplify and improve data flow between product provider and distributor. Fund supermarkets are now focal points for fund distribution and to be working with one of the UK's most successful and innovative platforms is a very welcome accolade."