Novia to cut cash rebates on legacy business by April 2014

From next month, the platform will begin to automatically convert retail share class funds to their clean equivalents, where the clean fund is no more expensive. The conversion process will not result in a charge for advisers or clients. Where there is no clean share class available, the investment will remain in a retail share class. Novia said that, where investments are held within a discretionary managed portfolio, the platform will communicate directly with the Discretionary Fund Manager (DFM) on the conversion process. Novia chief executive Bill Vasilieff (pictured) said: "Th...