Brooks Macdonald to make 'substantial' DFM fee cut

Brooks Macdonald is planning a ‘substantial' fee cut for its discretionary fund management service, which could see its headline charge fall by up to 30%.

The wealth manager’s fund of funds range currently carries an average charge of 50bps, but business development director Andrew Denham-Davis (pictured) said the firm is preparing to slash its prices to 35bps plus VAT on certain platforms. “The 50bps figure is where we start. Taking into account economies of scale and platform efficiencies, we would be able to move to at least 40bps plus VAT and, for substantial support [from platforms], this could well come down further to 35bps plus VAT,” he said. The proposed fee cut is the second time the DFM provider has reduced its charges in les...