SEI seeks parity with strategic portfolio fees

SEI lowered the total fund fees of its clean share class of several funds by five to 10 basis points each to ensure alignment with the company’s bundled share class.

The SEI strategic portfolios are risk-rated, multi-asset funds with a manager-of-manager investment structure that offers retail investors access to institutional fund managers around the world.

Kevin Addison, head of European asset management distribution for SEI said: “We have offered a clean share class since the SEI Strategic Portfolios launched in 2009, for legacy reasons the prices of some of the funds were slightly out of alignment with their bundled equivalents.”

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The funds fees affected are: Wealth A-Share Class of the SEI Defensive Fund, Conservative Fund, Moderate Fund and Aggressive Fund with the new total fund fees of 0.65 per cent, 0.75 per cent, 0.80 per cent and 1.05 per cent respectively.

Mr Addison added: “As a company committed to ensuring that all investors receive the best possible price, regardless of share class, we are pleased to adjust these fees appropriately.”

SEI provides investment processing, fund processing, and investment management business outsourcing solutions, helping financial advisers, and ultra-high net-worth families manage wealth. As of 30 June SEI managed or administered $507bn (£325bn) in mutual fund and pooled or separately managed assets, including $204bn (£130bn) in assets under management and $303bn (£194bn) in client assets under administration.

Mark Loydall, director and chartered financial planner for Leicestershire-based Cambourne Financial Planning, said: “We do not use SEI but I suppose the reduction is in line with the market. As a company we feel that prices have not yet stabilised and there is still a way to go with reductions. In general the majority of clients (all but the most wealthy) are at a disadvantage by the changes brought about by RDR. This is a real shame and is against the spirit of what RDR was trying to achieve.”