The company said the new name more closely reflects the services provided to clients, which cover repos, discretionary fund management and model portfolio services.

Fidelity said the new name also reflects other developments the company intends to roll out, including a new phase-out proposal and a financial planning tool.

In an email to advisors, the company said the new name was more representative of Fidelity’s long-term plan to provide them with not just products and packaging, but “a whole host of value-added services that facilitate the task of [advisers] to do business”.

The name change, which will be introduced over the next few months, comes amid fee pressure across the industry.

Last May, Fundsnetwork’s head of investment funds said the company would not be immune to further fee pressures.

Alex Denny said FTAdviser’s fees might start to drop to a point where active managers would turn around and say that beyond a certain price point they can no longer be an active manager.

He said: “In order to maintain our active management credentials, [highlighting] Thanks to the strength of the research team, we will continue to charge active management fees. But I absolutely do not believe that the squeeze is over yet.

Fidelity had previously announced that it would reduce the ongoing charges figure on five of its multi-asset allocation funds.

It is also in the process of removing its variable management fee share classes available to investors in its open-end funds, saying investor interest has remained limited throughout the lifetime of the royalties.

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