Cazenove is introducing two new share classes across its multi-manager range in preparation for the retail distribution review.
It has launched an institutional share class and a higher AMC share class for its diversity, diversity balanced and diversity tactical funds, which are managed by Marcus Brookes and Robin McDonald.
The institutional share class has a 0.5 per cent AMC, no initial charge and minimum investment of £1m. The firm has also launched a higher AMC share class at 1.25 per cent, with a 3 per cent initial charge. The existing A share class currently has a 1 per cent AMC, 0.5 per cent of which is renewal commission. It also has a 5 per cent initial charge, 3 per cent is paid as initial commission.
Head of UK advisory sales Robert Thorpe says: “There will be a lower initial charge of 3 per cent for those wanting to use the higher AMC share class in the interest of treating customers fairly. It will also allow us to work with some of the life companies and institutions who have not been able to add our funds due to the low AMC.”