Thanks Steven but I'm not sure I follow.
Are you suggesting that the AMC charged by Zurich is in addition to the OFC of the linked tracker? Surely that can't be right.
My understanding was always that the AMC charged by a life company incorporated all fund management costs (including the costs of any underlying fund(s)) but did not capture the full cost of the wrapper as other costs (custody, audit, director fees, etc.) are also applied to the fund units.
Why would Zurich's fund management team receive any element of the charges? They're not managing the fund assets in this case.
The lack of transparency in this whole area is really ludicrous.