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Fidelity adds Cavendish Online to D2C platform

Cavendish Online, the low-cost direct to consumer platform, has been acquired by Fidelity International. The deal will bring 30,000 customers and £900m assets to Fidelity’s D2C platform Personal Investing.

Former Cavendish customers will have access to Fidelity’s investment and consumer platform, its range of funds, and its online guidance service, which includes an app for mobile investing. 

Global head of personal investing and advisory at Fidelity International, Stuart Welch, said: “I want to warmly welcome Cavendish customers to Fidelity Personal Investing’s platform and I hope they will enjoy the enhanced benefits of our service. 

“With our shared beliefs and values, this acquisition really felt like a natural fit as Fidelity’s FundsNetwork platform was already powering their investments, so I am confident this will be a straightforward transition for Cavendish customers.”

At 0.35 per cent for assets below £200,000, Fidelity’s smaller asset fees are more expensive than Cavendish’s, which charge 0.25 per cent for assets below £200,000. However, Fidelity have guaranteed they will retain Cavendish’s current platform charges for 12 months so there will be no change for former Cavendish customers.

Cavendish’s notification of sale stated: “We believe that this sale will provide our customers with excellent service levels and safeguard their longer term interests … As our platform used the same platform as Fidelity you should see very little change in the way you log in and conduct your investments and or pension.”

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