Clean pricing shows no margin pressure for fund managers

Fidelity's personal investing platform buy list has an average clean price of 65bps per fund, the group announced last month, broadly in keeping with the rates secured by other D2C platforms. However, a look at the full range of 66 funds on the list shows just four active equity funds have annual management charges below the typical bundled price of 75bps. That raises questions over platforms' ability to secure 'super clean' preferential pricing from fund groups. The four active equity funds priced at sub-75bps are Royal London UK Mid Cap Growth (0.7%), Baillie Gifford Japanese (0....