Wealth management firm EQ Investors has reduced its annual discretionary fund management (DFM) charge as of today (1 July), with VAT no longer chargeable across its model portfolio service and a two basis-point drop on the standard charge of its EQ Positive Impact Portfolios to 0.33%.
Companies with more than £5m invested in the Positive Impact range will receive further discounts; those with between £5m and £15m will pay 0.3%; investors with between £15m and £30m in the products will pay fees of 0.25%; and those with more than £30m to invest will pay 0.2%.
DFM charges will also reduce across its EQ Future Leaders portfolios depending on the amount that is invested; fees for those with less than £5m invested are 0.25%; those with £5m to £15m to invest will be charged 0.2%; £15m to £30m investments will carry a 0.15% charge and those with more than £30m in any of the products will pay a fee of 0.125%.
These charges will be available to both new and existing customers, and will be implemented as soon as the company meets a new tier.
John Spiers, CEO at EQ Investors, said: "Our DFM proposition is growing strongly, with clients delighted both with the investment performance and the market leading quality of service, especially with regard to impact reporting.
"We are grateful for each partnership we form and are pleased to show our appreciation by reducing costs for clients which we fully understand is an important consideration for all advisers."