UK – Mellon Trust, the UK subsidiary of Mellon Financial Corporation, has won the mandate to provide administration services to the new fund supermarket ISA of Norwich Union’s online finance service, norwichunion.com.
The mandate win is Mellon’s second fund supermarket appointment.
The supermarket, which was launched last month, offers some 70 funds form 13 fund management companies operating in the ISA business. Mellon will provide straight through processing (STP), which Mellon claims will give norwichunion.com lower processing costs and extensive volume capacity.
Norwichunion.com launched its new fund supermarket ISA in response to research that suggested that fund supermarkets would account for as much as 25% of all net new money inflows in the European fund management industry by 2005, and that there would be 17 million online brokerage accounts in Europe by next year.
The new service is said to be the first in a series of new products that Norwich Union is preparing to launch.