Flemings, the UK investment management group, said this week that it plans to launch an interactive dealing service on the Internet for UK investors.
The service will let retail customers buy, sell or switch between 23 of the company?s equity funds and five of its money markets. It is one of the first of its kind in Europe. Prospective clients will have to apply on paper to deal online but after receiving an initial credit limit will be able to make all subsequent investments via the Net.
The European fund management industry has been lagging behind the US in making use of the Net for its communications but Shane O?Riordain, group marketing communications director at Flemings, said there is already a strong base of potential users. ?We have had over one million visits to our Web site since we set it up a year ago and 40 per cent of that is repeat traffic,? he said.
Till now the Internet has mainly been used in the financial services industry for discount retail stockbroking and, more recently, US investment banks have begun delivering research over the Internet to institutional clients and privileged retail investors.
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