Axa Elevate has committed to adding a further 1,000 clean share classes to its platform by the end of the third quarter.
The platform took its clean share class total to 1,690 last month when it added 1,000 new funds. Managing director David Thompson says 40 per cent of Elevate inflows in March went into clean share classes.
Thompson says: “We will add another 1,000 clean shares to the Elevate platform by the end of the third quarter. We think this is the way the market is going and see it as a promotion of transparency. This will give us almost 3,000 clean share classes on our platform.”
Thompson says he expects the percentage of Elevate inflows going into clean share classes to increase as a result of HMRC’s announcement that platform rebates are to be taxed.
However Thompson has confirmed Axa will continue to offer bundled funds.
He says: “If a client or adviser thinks they are getting a better deal by going into a bundled fund and paying tax on the rebate then we are not going to stand in their way by only offering clean funds.”
Investment Quorum chief executive Lee Robertson says: “We are going to see more and more platforms adding significant numbers of clean share classes in the next few months.”