Old Mutual Wealth sets out bulk-conversion plans

clock • 2 min read

Old Mutual Wealth, the UK's third largest adviser platform with funds under administration of £30bn, will begin bulk converting any remaining clients in bundled share classes to unbundled in February 2015.

The move means the platform, rather than advisers, will take responsibility for notifying customers of the changes. It will bulk-convert all clients in all wrappers to unbundled share classes, provided the customer is not disadvantaged by the move. Customers will continue to receive the benefit of unit rebates where it leaves them better off. Where the unbundled share class is equivalent, the fund will be included in the share conversion process. Old Mutual Wealth investment platform expert Mike Barrett (pictured) said: "We said to advisers the ball was in their court, and they had...

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