New computer system to lead Fidelity sales drive
THE president of Fidelity International Barry Bateman has unveiled the company's strategy to tighten its grip on Hong Kong's unit trust market.
Mr Bateman said the company's new computerised customer service system, called the Multicurrency Deal Management System, will spearhead the next phase of its retail sales drive.
Fidelity, which has about US$300 billion under management internationally and about $30 billion in Hong Kong, increased net sales by 35 per cent in the first nine months, while the industry slumped 79 per cent.
It claims to have cornered between 80 and 90 per cent of the industry's net sales during August.
Its new administration and customer service system, which cost about $20 million to develop, is expected to be launched next summer.
Customers will be offered a range of touch-phone services, such as the option of switching between funds.
The company combines direct and other sales through 300 bank branches in Hong Kong.
'Initially, our aim was to raise money and manage assets. We mainly sold to the expatriates. But we decided to refocus on the local market,' Mr Bateman said.
He said the company was implementing a four to five-year plan to consolidate itself as the leading unit trust player in the territory.
The new dealing, settlement and administration system will be used across Europe and Asia.
Mr Bateman said that the company invested on the basis of individual stock analysis.