Now Fidelity signs deal with Dutch Postbank
Fidelity gains access to 7.5m new customers in a concentrated market.
Fidelity Investments has made further in-roads into the Dutch distribution market after signing a deal with Dutch Postbank, which boasts 7.5m clients in the Netherlands. Fidelity’s FF-America fund will be the first product to be distributed.
Fidelity’s head of European funds business, Thomas Balk, said the step was all the more significant because the Netherlands is a concentrated market, where investors are generally restricted to buying their bank’s own funds.
“Our alliance with Postbank again demonstrates that major banks are beginning to recognise the benefits of open architecture,” said Mr Balk.
The Postbank deal, secured by Fidelity’s director of Dutch business, Hans Goosens, follows hot on the heels of Fidelity’s link-up with the country’s largest domestic institution, ABN Amro.
Mr Balk told PWM that $60m (E48m) has flowed into Fidelity funds through ABN Amro branches during the first six weeks following the agreement.
“In six months’ time, ABN Amro may become like a Deutsche Bank in Holland,” he added.
