Fidelity International has confirmed it is acquiring Cavendish Online Investments and absorbing it into its Personal Investing platform.
Low-cost D2C platform Cavendish Online is already powered by Fidelity’s Fundsnetwork platform meaning assets will not need to be transferred from one platform to another and clients won’t experience any time out of the market.
For this reason, Fidelity International global head of personal investing and advisory Stuart Welch said the acquisition felt like a “natural fit”.
Cavendish clients will keep their low-cost fees for at least 12 months, a press release said. Its current fees are 0.25% per annum for accounts valued at less than £200,000 and 0.20% for accounts valued at more than £200,000.
Share dealing clients will benefit from live quotes and online share dealing in Fidelity’s Sipp. They will be able to invest in UK shares for the first time and have access to a wider range of ETFs and investment trusts.
Cavendish managing director Ian Williams said: “Cavendish customers will continue to enjoy the benefits of investing in stocks and shares ISAs, investment and pensions powered by the full capability of Fidelity’s investment and pension platform. Fidelity provides excellent service and value and is very well placed to administer their investments for the long term.”
The deal completed on Friday.
Clients who had transferred from another platform before that date will still have their request honoured, but Cavendish has warned requests received after that point may be rejected. The same applies for paper-based applications to Cavendish.
It recommended new clients set up an account via Fidelity Personal Investing Platform.
