Aviva platform focuses on HNW market with price cut

Aviva is introducing a platform charge of 0.15% for new customers with portfolios valued at more than £400,000.

Previously, the tiered charging structure ran to £250,000, after which investors were subject to an AMC of 0.25%. The charge dropped to 0.20% on a core pension portfolio because of a 0.05% discount for insured funds. However, Aviva has now moved to compete against peers in the space after dropping its charges to 0.15% and 0.1%, respectively for new customers with more than £400,000 across their portfolios. The lower-cost deal for new clients is an attempt by Aviva to break into the high-end market. Platform charges are taken on a tranche basis, meaning a client who invests £500,000...