Flemings, the UK investment management group, will launch a service for retail customers to deal in its funds over the Internet.
The service will be one of the first of its kind in Europe where the fund management industry has been lagging behind the US in making use of the Net.
Flemings said the service would allow clients to open accounts over the Internet and buy, sell or switch between 23 equity funds and five money market funds in its Flagship series. 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 electronically.
Till now the Internet has mainly been used in the financial services industry for discount retail stockbroking and even more recently US investment banks have begun delivering research over the Internet to institutional clients and privileged retail investors.
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