Cofunds’ unbundled pricing model has gone live today.
The platform first unveiled its Explicit Pricing Model in September last year. It is available with 1,700 clean share classes at launch and is made up of a £40 annual charge and a sliding scale of annual management charges from 0.29 per cent to 0.15 per cent.
Investors with assets worth up to £100,000 will be charged 0.29 per cent, between £100,001 and £250,000 will be charged 0.26 per cent, between £250,001 and £500,000 will be charged 0.23 per cent, between £500,001 and £1m will be charged 0.2 per cent andfor assets over £1m the charge will be 0.15 per cent.
Cofunds chief executive Martin Davis (pictured) says: “Twelve months ago we pinned our colours to the mast and pledged to bring our new pricing model to market in Q3, 2012. True to our word, our tiered model that rewards consolidating assets on the platform launched today, and it did so with overwhelming support for our drive for clean share classes.”
Skandia revealed the details of its unbundled offering last month. The model is due to launch in December.
Skandia Investors with assets worth up to £25,000 will be charged 0.5 per cent, between £25,001 and £100,000 0.35 per cent, between £100,001 and £500,000 0.3 per cent, between £500,001 and £1m 0.25 per cent and over £1m 0.15 per cent. There will be no account fee and the minimum charge on holdings will be £8.30 per month.
Fidelity FundsNetwork launched its unbundled pricing model in April which sees a a flat rate charge of 0.25 per cent alongside a £45 annual account fee.