Standard Life confirms preferential fund deals- average 9bps discount

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Standard Life has confirmed it has received preferential share class deals with 15 fund managers.

Standard says the deals will see them under cut current clean terms available in the market by 9bps on average.

It adds it is still in negotiations with other fund groups over preferential deals.

Standard will not currently reveal details of the agreements and says full terms of the deals will be published in September.

The provider adds it has not paid the development costs for any of the share classes negotiated.

Standard Life head of adviser platforms David Tiller says: “We are already well advanced in our rolling programme to introduce clean share classes to our Wrap platform and today’s announcement of the progress in our super-clean negotiations is another major milestone in this journey.”

Standard announced in April it would be moving to a clean share class model while seeking lower prices from fund managers.

The move followed HM Revenue & Customs announcement that rebates from unwrapped investments were taxable.