Fidelity bought Cavendish Online and is committed to maintaining the small investment platform’s fee structure for the 30,000 new customers it accepts for a minimum of 12 months.
Cavendish Online’s £ 900 million client assets will move to Fidelity’s £ 20 billion personal investing platform following the deal closed on Friday.
Cavendish customers will switch to Fidelity on November 20th. Your platform fees, which are 0.25% cheaper than Fidelity’s for accounts under £ 200,000 and 0.2% for accounts over £ 200, will not change for a minimum of 12 months. Fidelity charges 0.35% for accounts under £ 250,000 and 0.2% for accounts over £ 250,000.
Cavendish Online was powered by Fidelity’s FundsNetwork platform. This means that Cavendish customers’ account details remain unchanged and customers have no time outside of the market when making their transfer.
The deal will enable Cavendish clients who hold their retirement on the platform to trade in stocks and gain access to a wider range of investment trusts and exchange-traded funds.
Stuart Welch, Fidelity’s global director of personal investing, said he was “confident this will be a straightforward transition for Cavendish clients”.
“This acquisition really seemed like a given as Fidelity’s FundsNetwork platform was already boosting investments,” he added.
Fidelity buys Cavendish Online to strengthen the investment platform