UK - Isis Asset Management has called on fund managers to follow its lead and waive initial charges when schemes reinvest dividends in DC funds.
Isis decided to waive the charge to benefit clients following the integration of Friends Ivory & Sime and R&SA Investments last year.
Isis director of communications and strategy Jason Hollands said: “Fund management companies need to take a fundamental look at how investments are marketed and how investors are charged.”
He added: “For us to stop levying an initial charge on the reinvestment of dividends is a cost to the company, but one worth bearing as it is to the direct benefit of our investors.”
As well as the commitment to reinvest income free of charge, Isis intends to cut initial charges on former Friends Provident funds from 5.75% to 5%.
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