Skandia scraps initial fund manager charges

Skandia will not pay initial charges to fund managers on its Selestia platform from 1 January. Pa...

Skandia will not pay initial charges to fund managers on its Selestia platform from 1 January. Paid by some platforms to asset managers when investors purchase funds, Skandia says it will remove the charges as they "compromise customer outcomes". Skandia believes the impact of fund manager initial charges are often unclear to clients and eliminating the fee will aid a clear, simple and competitive pricing structure. "The sheer scale of our global fund holdings means that we are able to negotiate dealing terms with fund managers that few rivals can match and with 0% front-end margin co...