Killik will offer Neil Woodford’s new fund on the C share rate, while Standard Life has won access to the cheaper Z shares.
Killik clients will therefore pay 0.75% for the Woodford Equity Income fund, and Standard Life clients 0.65%.
The C shares typically require a minimum investment of £50 million, and Z shares £500 million, but Killik’s head of research Mick Gilligan stated that there would be no minimum threshold via Killik accounts.
Standard Life’s rival platform Cofunds is also offering Woodford’s fund at the 0.75% rate, having missed out on the Z share class because it could not ‘guarantee distribution’.
Hargreaves Lansdown has secured the Z share class, as well as an extra discount involving Woodford Investment Management paying Hargreaves clients an annual loyalty bonus of five basis points to bring the overall annual management charge down to 0.6%.
Gilligan has furthermore backed Woodford’s (pictured) new venture, particularly for the long term.
‘One potential advantage the new fund may have over the previous fund is the scope to cherry-pick new investments and a lack of any legacy issues, although it may be some time before the magnitude of this potential advantage becomes apparent,’ he argued.
‘We expect this manager to continue producing market-beating returns over the medium to long term.’