Transact cuts annual wrap charges
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Transact is cutting annual charges on its wrap over the next year from 0.6 per cent to 0.5 per cent.
The new charges will be applied on a phased basis.
With effect from January 1 next year the maximum rate of Transact annual commission charged on investments will go from 0.6 per cent to 0.55 per cent.
The charge will then reduce further on January 1, 2012, going from 0.55 per cent to 0.5 per cent.
The existing rates of discount for larger portfolios will continue to apply to the new lower charges.
Transact managing director Ian Taylor says: “We have always tried to adapt the mix of charges and discounts to maintain a balance between the needs of all our stakeholders – our customers, our shareholders and our employees.
“We are pleased again, as this announcement shows, to be able to share savings from scale and efficiencies with our customers.”
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Readers' comments (1)
Anonymous | 15 Dec 2010 12:59 pm
Yet another "sharing the benefits" type article disguising the reality of a price war to attract and retain assets. The spreadsheet models powering these platforms must be turning red.
Just make sure you've picked one that wins out in the long run for your sake - no commission to cover the rewrite costs when one fails/pulls out - and your client won't pay again!
Want to know who the winners will be...?
Don't we all and it won't be the ones you think ;-(
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