This follows the implementation of new enhancements to the platform that support the split payment of fees to advisers and DFMs, help increase efficiencies, reduce administration and streamline processes. In addition, the service now accommodates recent industry changes to VAT on DFM fees, enabling them to be accommodated with or without VAT and existing client books to be updated in bulk where applicable.

Improvements were also made to the Management Information (MI) available to DFMs, and a new optional client quarterly portfolio statement that allows DFMs to add their own commentary has also been implemented.

As a result of all these enhancements, over one-hundred new advisers have joined FundsNetwork over the past few months.

This work is part of FundsNetwork’s ongoing investment in a range of transformation initiatives, including increased options for regular savings plans, a new pension summary report feature providing detailed overviews of clients’ pension accounts, and improved client reporting with benefits and features built around client feedback.

Paul Richards, Head of FundsNetwork Distribution at Fidelity International, said: “We are extremely pleased to see that the recent enhancements to FundsNetwork have led to the rapid expansion of both the number of DFMs and advisers using our platform.

“Those who follow Fidelity and FundsNetwork closely will be aware this is part of a significant investment across our platforms over a number of years, based upon direct feedback from our clients. The result of this is an ever-improving platform with our clients’ evolving needs and requirements at its core, and we aim to continue this practice as we provide further solutions.”

Gary Stirrup, Director, Head of UK Distribution at Brooks Macdonald commented: “We have been working with Fidelity FundsNetwork for over 12 months now and the platform capability goes from strength to strength supporting our mutual relationships with intermediaries. The improved service proposition helps to provide timely and essential updates to all parties, especially to support clients and their ongoing needs.”

Oliver Clarke-Williams, Portfolio Manager at FE Investments, said: “The inclusion of our risk-targeted portfolio range within the Fidelity FundsNetwork will greatly enhance their reach to end investors. FundsNetwork is highly regarded as an investment platform and their clients will benefit from our approach to portfolio construction, which differs from traditional methods.”

Smera Ashraf, Head of IFA Distribution, HSBC Asset Management, said: “Advisers have been eager to access our Global Model Portfolio Service (MPS) on the Fidelity FundsNetwork platform due to its wide reach and a strong set of adviser tools. The increased servicing and reporting Fidelity FundsNetwork will provide advisers and clients will complement our fully transparent, cost efficient MPS.”

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