FundsNetwork has added three trusts to its UK funds platform.

Fidelity-owned investment funds supermarket FundsNetwork, has added three trusts to its UK funds platform. Settlors will be able to set up FundsNetwork Bare Gift, FundsNetwork Discretionary Gift and FundsNetwork Discretionary Will trusts as well as accessing more than 1,000 unit trusts, open-ended investment companies, Luxembourg-domiciled funds, insurance bonds and other pooled investment vehicles by using the platform as well as incorporating a number of tax wrappers. The wider, open-architecture aspect of the new trusts allows advisors to move clients’ investments between OEICs, Unit Trusts and SICAVs, as well as applicable product wrappers, including an onshore bond and, shortly an international (offshore) bond on the FundsNetwork platform. According to FundsNetwork this differentiates its platform from those offered by life insurance companies. FundsNetwork said there are no charges payable for setting up the three trusts apart from the fees for the underlying funds and tax wrappers. "We have taken a fresh look at the world of trusts," said David Dalton-Brown, head of FundsNetwork. "The investment landscape has evolved considerably over the past few years and it is time that trusts' structures moved on to reflect this for the best interests of investors." By adding the three trusts to FundsNetwork's platform Fidelity claims it is effectively bringing estate and succession planning to the mass market. "The range of trusts has been designed so that as investors move through the different life stages, the trusts can move and change with them. Both the product wrappers and the asset allocation mix held within the trusts can be changed over time," said Mr Dalton-Brown. "The trusts have been designed to wrap around the full range of funds and eligible product wrappers on the FundsNetwork platform as they let the investor dictate what they want to hold in their trust as opposed to being dictated to."