Fidelity to spend $50 mln on adviser platform

BOSTON, Oct 23 (Reuters) - Asset manager Fidelity Investments said on Tuesday it will spend $50 million to develop a new wealth management technology platform that will help advisers save time and manage their business better.

Fidelity, the world's biggest mutual fund firm, said the web-based platform, WealthCentral, will be launched in late 2008 and will eliminate the need for financial advisers to use multiple technology systems that are not compatible with one another.

"Today, advisors must buy their various technology applications in a piecemeal fashion and then try and make the systems work together as best as they can, something that can be costly and extremely inefficient," John Callahan, president of Fidelity Institutional Wealth Services, said in a statement.

Fidelity also said it has chosen Advent Software Inc (ADVS.O) to provide the applications for portfolio management and reporting services for the new platform.

Privately held Fidelity had $1.5 trillion in assets under management as of end-September. (Reporting by Muralikumar Anantharaman)