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7IM drops re-reg charges

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7IM head of platform Pete Wyatt

Seven Investment Management has scrapped its £25 fee to re-register funds off the platform.

7IM says it removed the fee, which applied to each fund being re-registered, following a recent strategic review.

At the start of this year, 7IM overhauled its platform charging structure.

It now charges 30 basis points for investments up to £500,000, 25bps for investments between £500,001 and £1m and 15bps for investments over £1m. Charges are negotiable for investments over £3m. 

Previously, the firm had four tiers of charges which saw investments up to £500,000 charged 40 bps, holdings between £500,001 and £1m charged 25bps, investments between £1m and £1.5m charged 20 bps and over £1.5m charged 15bps.

Head of platform Pete Wyatt says: “As a result of being able to reduce our own costs, we are pleased to be able to pass on savings to both our platform partners and their clients.”

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