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Standard Life confirms preferential fund deals

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Standard Life has confirmed it has negotiated preferential share class deals with 15 fund managers that undercut current clean terms available in the market by an average of 9bps.

Standard says it is still in negotiations with other fund groups over preferential deals.

The provider will not reveal details of the agreements at the moment but says the full terms of the deals will be published in September.

It adds it has not paid the development costs to launch any of the share classes.

Standard Life head of adviser platforms David Tiller says: “We are already well advanced in our rolling programme to introduce clean share classes to our wrap platform and today’s announcement of the progress in our super-clean negotiations is another major milestone in this journey.”

Skandia says it will monitor the situation and move to negotiate preferential share classes if they become prevalent. It is currently offering 75bps share classes with rebates of 8bps.

Skandia UK managing director Peter Mann says: “We have been focusing on clean prices plus a rebate but we will watch carefully and if preferential shares emerge to a great degree we would consider our position.

“I would contend we have the same if not better negotiating power than Standard.”

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