UK-based Seven Investment Management (7IM) is set to reduce fees for its HNW clients and family groups from next month.

The aim is to make the firm more competitively-priced.

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The move will be applicable to existing as well as new business.

In case of investors with assets in the range of £2m to £5m on the platform, fees would be brought down to 0.08%.

Currently, investors in this segment have to pay 0.15%.

For those having more than £5m in assets, fees would be lowered from 0.15% to 0.05%.

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7IM head of intermediary Verona Kenny said: “We want to make sure that our fees remain appropriate and fair to our clients and we believe that this reduction to our rate card makes us the best value for money platform available for clients including those with higher balances and in family grouping for pricing.

“This client segment has always been a key area for 7IM and we are pleased to be able to offer this deal for both existing and new clients.

“We see this as a core part of our move to provide high-net-worth individuals with the best possible offering and client experience.”

7IM was set up 17 years back.

In August 2018, 15 managed portfolios were made available on the 7IM platform for Charles Stanley.

Earlier last year, 7IM announced the acquisition of Tcam Asset Management– an Edinburgh-based discretionary asset manager.