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Standard Life secures super clean terms from Old Mutual
by Jun Merrett on Oct 09, 2013 at 14:54
Standard Life has revealed Old Mutual Global Investors is the latest fund group to agree super clean share class terms on its wrap.
Old Mutual will give Standard Life preferential rebate-free share class terms across its entire fund range and is the eighth fund group to do so.
In September Standard announced it had secured preferential share classes from Cazenove, Henderson Global Investments, Investec Asset Management, Neptune, Schroders, Standard Life Investments and Threadneedle Investments.
It has yet to reveal the name of the three other fund groups it has terms with but wish to remain unnamed until they are ready to make an announcement.
Currently Standard Life receives around a 55% rebate on the annual management charges (AMC) on the Old Mutual fund range and will get a discount on the AMC that approximately equates to that level.
Graham Dow, head of investment group relationships at Standard Life said: 'We're absolutely delighted that Old Mutual is giving us their full range of funds on a discounted basis.
'This isn't about negotiating brand new terms and is a culmination of Standard Life's commercial negotiations over the past five to six years. We are not demanding anything different but avoiding Standard Life clients having a detrimental impact.'
Standard Life intends all super clean share classes to be available by March 2014.
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