Hargreaves Lansdown’s head of research Mark Dampier said he is ‘proud’ of the terms it has negotiated for the 27 funds on its Wealth 150+ list.
After weeks of anticipation, Hargreaves revealed the funds which had made the cut over the weekend. The annual charges on the funds range from 0.8% at the top end to 0.15% with the average standing at 0.54%.
‘We are proud of the list we have got and believe it’s a good representation of what we want,' Dampier (pictured) told Wealth Manager.
Over time Dampier hopes more funds will migrate from the traditional Wealth 150 - which has shrunk to 86 funds - to 150+.
‘Some groups like Jupiter are not on the list, they may have good funds but they don’t have the right price.’
‘It’s never easy to see what the total cost is on a fund and I never understand why there isn’t one pure fee. I think a lot of these groups need to wake up, a lot of them have higher unnecessary expenses and it’s got to change.’
Earlier in the day Shore Capital had said it is pleased to see the likes of Jupiter and Henderson not included on the list.
‘Jupiter set out its stall fairly early on in the process and said that it didn’t see value in fund management houses participating in a ‘race to the bottom’ with respect to fees,’ Shore analyst Owen Jones said.