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Exeter adding renewal cash on four funds

Exeter Fund Managers is introducing IFA renewal commission on two of its leading funds for the first time.

It is offering renewal commission of 0.5 per cent a year on the high-income unit trust and the capital growth fund while enhancing the rate on the zero-preference fund and its fixed-interest fund from 0.25 per cent to 0.5 per cent.

Exeter believes more providers will move away from initial commission payments towards renewal commission. It believes the move offers IFA extra security in an increasingly competitive marketplace.

The changes take effect from August 1 but Exeter will pay the new rates on sales since July 1.

The company does nearly 90 per cent of its business through IFAs.

Deputy chairman David Crouchen says: “By enhancing renewal commission across our whole range of unit trusts, we are making the funds even more attractive to IFAs. This will be great news for IFAs who are looking to invest in the top-performing capital growth fund, which did not previously offer this type of commission.”

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