Swip alters fees on Hill Samuel Extra Income

Scottish Widows Investment Partnership (Swip) is to pay 0.5% renewal commission to intermediaries for the first time on the £14m Hill Samuel Managed Extra Income unit trust. As part of this introduction, the group is raising the annual management charge on the fund. The AMC is to increase from 0.65% to 1%. An initial charge of 3% will still apply and intermediaries will continue to be paid initial commission of 3%. Bob Lawson, marketing manager at Swip, said the charge is being increased to bring it in line with industry standards and to have more appeal to advisers through the ab...