SMA powerhouse Merrill Lynch has shaved two basis points off of the fees it pays to money managers on its separately managed account platform, Merrill Consults. Merrill will now pay 38 basis points, according to an article by Institutional Investor.

The move follows a similar fee cut by rival wirehouse Smith Barney, reported II. Smith Barney cut the fees they pay out to money managers on its managed account platform from 38 to 36 basis points.

Merrill Lynch and Smith Barney together control 70 percent of SMA assets, reported II. 

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