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Skandia and DBS Management In Fund Supermarket Move

Lisa Ugur, Tax-news.com, London

20 July 2000

Skandia AB, the Swedish insurance group, has announced that it is to set up a UK-based mutual fund supermarket in August with DBS Management Plc, the UK financial adviser network

The site will offer more than 160 funds from 20 fund managers, including Fidelity Investments, Schroders Plc, Gartmore Plc, Aberdeen Asset Management, Henderson Investors, Jupiter Asset Management Plc, Newton Financial Corporation, Perpetual Plc and Scudder Threadneedle Investments Ltd.

The Skandia/DBS alliance is the latest in a raft of mutal fund supermakets, but it will offer much less choice than than the 255 funds offered by rival Fidelity Investments when it opened last month and the 169 funds from Egg Plc. Other competitors, including Charles Schwab and a consortium including Prudential M&G Asset Management and Gartmore Plc, are also poised to open their own websites.

David Stewart, DBS's joint chief executive said 'It's a very competitive market. We'll all be seeking to design a competitive edge. Our ambition is to be the biggest and most important fund supermarket for financial advisers.'

Some 8,500 financial advisers are registered with DBS's AssureWeb financial services Internet site. AssureWeb will provide links to the fund supermarket, which will be owned by Skandia.

DBS is the latest in a string of fund retailers to sign agreements this year with Skandia. Through a series of such agreements, Skandia has boosted the sales force offering its products worldwide to more than 60,000 from 45,000.

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