Old Mutual Global Investors has become the latest fund group to agree super clean share class terms with Standard Life, an arrangement extending across its entire fund range.
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Hargreaves Lansdown said the move to super clean share classes will not automatically lead to a ‘new normal' annual fund charge of 65bps, claiming it has already negotiated greater discounts with some groups.
Wrap platform Standard Life has revealed the names of the first seven fund groups who have offered it preferential ‘super clean' share class deals, with a further four to be announced in the coming weeks.
Wrap platform AXA Elevate has played its hand in the super clean space by revealing it expects to get access to preferential share classes from a range of fund managers.
Standard Life is to abandon its existing platform discounts for large adviser firms in favour of negotiating individual prices with firms based on assets under management, as well as loyalty to the group.
Standard Life has so far only managed to secure super clean share classes from 11 of the 15 fund groups it originally said it had agreed terms with, Investment Week understands.