SEI, the US-headquartered financial and wealth management solutions provider, is lowering its fees on the clean share class of several funds. By lowering the fees by 5-10 basis points each, the firm hopes to align the Retail Distribution Review-compliant asset class with its bundled share class.

The funds affected by the fee reduction are strategic portfolios of risk-rated, multi-asset funds currently authorised in Ireland under UCITS regulations. With the fee cut, the clean shares, which conform to the Retail Distribution Review regulations banning commissions to financial advisors, will hopefully gain parity with other asset classes, added Kevin Addison, head of European asset management distribution at SEI.

“While 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. 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.”

Specifically, the firm is lowering the fees on the Wealth A share class of the SEI Defensive Fund (from 0.70 to 0.65 per cent); the SEI Conservative Fund (from 0.80 to 0.75 per cent); the SEI Moderate Fund (from 0.90 to 0.80 percent); and the SEI Aggressive Fund (from 1.11 to 1.05 per cent).

As of 30 June 2013, the firm administers $507 billion in mutual fund and pooled or separately managed assets, including $204 billion in assets under management and $303 billion in client assets under administration.