Clerical Medical Unit Trusts will switch its range of unit trusts to open ended investment company during the first quarter of next year.
The range of UK and overseas trusts will become sub-funds of an Oeic, under the title Clerical Medical Investment Funds.
Unit-linked life and pension funds currently invested in the unit trusts will be switched to the Oeic.
Charges and commission rates will remain unchanged.
Clerical Medical's head of product development Dave Whitaker says: "The modern, corporate structure of the Oeic offers greater flexibility for future product development and allows investors to switch more freely between funds at lower cost."