A discretionary investment manager has revealed it will cut its platform fees.

Yorkshire-based Myddleton Croft has announced that it will reduce its platform annual management charge “in order to increase its competitiveness to intermediary clients”.

The current fee of 0.6% (plus VAT) is being reduced immediately to 0.35% (plus VAT) on the Ascentric, Novia and Nucleus platforms.

In a statement distributed this morning, the firm said: “As well as reducing its fees, Myddleton Croft is also introducing quarterly rebalancing of the six available portfolios: low; defensive; moderate; adventurous; speculative; and equity on the above platforms.

“These will be available in standard and offshore bond variants and will be rebalanced at the end of the calendar quarters December, March, June and September (except when these fall on weekends). The new quarterly rebalance service will be available to all adviser firms and will be called, for example, MCIM Moderate RP5 Quarterly and MCIM Moderate RP5 Quarterly (Offshore Bond).”

Julie Jones, managing director of Myddleton Croft, said: “As a dynamic business, we’re constantly reviewing the way we operate to ensure that we provide the best service to the end client.

“This latest move has only been possible because of our strong asset performance, despite a volatile market, which has helped us to continue to increase funds under management.”

Myddleton Croft said it has eight staff and works with financial advisers throughout the North of England and further afield. It serves private clients, charities, pension funds and trusts.