Standard Life has secured discounts from 12 external fund groups across 291 clean funds, equivalent to an average AMC discount of 13bps.
Standard Life says the average discounted clean fund annual management charge (AMC) is 53bps - in line with the average discounted AMC obtained by Hargreaves Lansdown for its Wealth 150+ list.
BlackRock, Invesco Perpetual, Old Mutual Global Investors and Liontrust have joined Investec Asset Management, Neptune, Schroders, Threadneedle and Standard Life Investments in agreeing to create preferential ‘super clean' share classes, accounting for 31% of platform assets or £6.2bn.
Absent from the original super clean list, which was unveiled in September, is Henderson Global Investors which has since pulled out of negotiations and elected to instead offer one clean share class across UK advisory platforms.
Discounts will also be available on funds from Aberdeen Asset Management, BNY Mellon, M&G, Vanguard and Standard Life Investments. These will be obtained through discounted insured fund links rather than the creation of new share classes and account for 15% of platform assets, or £2.9bn.
These insured fund discounts are effectively not available for ISA and GIAs but exist within insured products, namely offshore bonds, onshore bonds, and SIPPs.
In total, discounted clean terms will be available for funds that comprise a total of £9.1bn of platform assets.
Standard Life head of investment group relationships Graham Dow said: "We have always been passing on the preferential terms to the customer. It is a victory for the customer and the industry because we have managed to bring the industry to a level where it is now more comfortable to have different types of share classes for the customers of different types of platforms.
"If it had not been for Standard Life's decision to do this at the beginning, the concept of a super clean share class would never have existed. It is because of our conversations that we have brought the industry to this place today."
Standard Life has converted £2.2bn of assets into discounted clean mutual funds to date.
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