UK-based financial services firm Hargreaves Lansdown is close to finalising its new core list of funds within its Wealth 150.
As part of the process, the company has initiated the process of informing fund groups who submitted tenders for inclusion. In addition, Hargreaves will also inform rejected and failed bidders.
Hargreaves noted that several fund groups have broken ranks and decided to offer heavily discounted share classes to the country’s popular platform in an effort to get on its streamlined wealth list, reported investmentweek.co.uk.
As per the news source, few groups have gone to lows of around 50bps for equity funds, which is much lower the current clean price of 75bps.
Hargreaves head of financial planning Danny Cox told investmentweek.co.uk that the negotiations for heavily discounted share classes had gone extremely well.
"As we have previously announced, we have been offered reduced fund charges for our clients by firms representing the vast majority of client assets held in funds"
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"The work on our Wealth 150 review is in the final stages of being refined and we expect to announce our plans shortly," Cox added.