Ardevora has dropped the equity label on its £14.6m UK equity income fund after investors confused it with the firm’s £2m UK equity fund.
The fund’s name changed to Ardevora UK income fund on November 1.
Ardevora partner Rob Page says: “We have had clients ringing up and trying to place trades in the income fund and they have been confusing the fund names. The name change will help differentiate the income fund from the UK equity fund.”
Informed Choice executive director Nick Bamford says: “We are in favour of clarity and transparency. Any move to remove confusion for consumers must be a good thing.”
Ardevora has reduced the annual management charge on the UK equity fund and £1.3m Ardevora global equity fund from 2 per cent to 1.75 per cent in the retail share class. They were also switched to daily dealing from three times per month. The UK income fund’s annual charge remains unchanged at 1.5 per cent.
Ardevora’s three funds have stopped carrying out performance fee equalisation so that they can be represented more on platforms. This means that performance fees are calculated on the fund, rather than per client.
Ardevora, which has its funds on Transact, is in final discussions with Cofunds and Ascentric.