Barclays' wealth arm scraps admin fee plans and cuts buy list

The wealth arm of Barclays has scrapped plans to charge fund groups an administration fee when their products are recommended for private client portfolios.

Investment Week reported in October that Barclays was considering the charge, but it has now dropped these proposals.   In a statement, Barclays said: “In line with our commitment to identify fund pricing solutions which will be of direct benefit to our clients, we are pleased to note the increasing competitive pricing now being considered by fund providers and we are no longer progressing discussions on the proposed administration fee.” Meanwhile, the wealth arm of Barclays has also been scaling back the number of funds on its discretionary portfolio management buy list by 75%, as it...