Fidelity Worldwide plans to invest US$25 million in its FundsNetwork platform over the next 12 months as part of a multiyear investment programme to counter the threat from a swath of newcomers to the market, according to Financial Times.
Over the past two years a host of operators, such as Nucleus, Novia, Axa Elevate and Aegon, have entered the market.
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Hugh Mullan, UK managing director for Fidelity Worldwide, said: "They offer a wider range of products.
"We will invest heavily in Fidelity FundsNetwork to broaden its range of services, with a brokerage, full tax management, additional tax wrappers, and we are going to make it competitive against the new threats.
"We can do that as a private company, there aren’t any public earnings targets to be hit," he added.
FundsNetwork, which hosts more than 1,400 funds from 85 asset managers, has £43.6 billion of assets under administration.
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