Global investment management firm Fidelity International has acquired Cavendish Online Investments.
Cavendish Online, the investment industry ‘change-maker’, will form part of Fidelity’s Personal Investing platform, and will continue to provide customers with “excellent service levels” whilst safeguarding their long-term interests.
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Existing Cavendish Online customers will benefit from having access to Fidelity’s investment and pension platform, including its entire collection of funds, shares, investment trusts and exchange-traded funds which may be held in an ISA, SIPP or Investment Account.
With around $300bn of assets under management, Fidelity can provide a broader range of features to Cavendish customers, particularly within pensions. All assets of existing customers will be automatically transferred between platforms, maintaining the same account details and ensuring their continuous presence on the market.
Stuart Welch, global head of personal investing and advisory at Fidelity, promised Cavendish Online customers a seamless transition due to Fidelity’s Funds Network existing role in powering their investments.
“Using Fidelity’s Personal Investing platform is easy, clear and simple. It is designed to help investors achieve their long-term financial goals, through a range of investment propositions and services designed to provide guidance and support at every stage of their journey,” he said.
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By GlobalDataWelch spoke positively of the acquisition, branding Cavendish Online a “natural fit” due to the mutual beliefs and values of the two firms.
Ian Williams, managing director of Cavendish Online Investments, commented: “Cavendish customers will continue to enjoy the benefits of investing in stocks and shares ISAs, investment and pensions powered by the full capability of Fidelity’s investment and pension platform. Fidelity provides excellent service and value and is very well placed to administer their investments for the long term.”
Williams, who founded Cavendish Online in 2000, established the firm in response to the widespread overcharging of clients within the life insurance sector. The firm quickly became a “thriving e-commerce company”, providing its customers with “the best value life assurance and investments” all at a flat rate of £25 ($32).
