Scottish Equitable Asset Management is altering the commission structure on Isa business to move it ...
Scottish Equitable Asset Management is altering the commission structure on Isa business to move it in line with its Oeic commission offering.
The group is moving to an Isa commission level of 3% initial and no renewal from its previous offering of a choice of 3% initial and 0.25% renewal or 5% initial and no renewal.
However, SEAM said that depending on volumes of business from given IFAs, trail commission of 0.25% or 0.5% could be offered to IFAs along with 3% initial commission.
The move is aimed at offering a more flexible menu of commission arrangements to brokers.
The initial charge on Scottish Equitable's Oeic funds is 5.5% and the annual management charge is 1.25%.
SEAM has an Oeic range of 20 and earlier this month launched a fund investing exclusively in socially responsible corporate bonds.
The UK Socially Responsible Income Fund was established to offer socially-aware investors the opportunity to earn a high income from their investments.
The fund is run by Calum Smith, a member of SEAM's UK fixed interest team.
SEAM is aiming to launch a comprehensive range of specialist ethical funds over the next 12 months.
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