Woodford wins WealthSelect mandate as Skandia secures discounted deal

Neil Woodford has been handed a mandate on Skandia's WealthSelect range, likely in the region of hundreds of millions of pounds, and the platform will be able to access the manager's 65bps share class.

In the latest distribution deal agreed by Woodford Investment Management (WIM), the group has agreed to give Skandia access to its Z share class - which carries an AMC of 0.65%. It means users of Skandia's SelfSelect service can buy the CF Woodford Equity Income fund for the same price as they can on Hargreaves (albeit without the D2C giant's additional 5bps 'loyalty discount') and Standard Life, saving 10bps, from 20 June. Though platform charges must also be taken into account, the deal is a further blow for Cofunds in particular, the country's largest platform having failed to nego...