Dresdner RCM Global Investors' European Privatisation Trust is converting into an index tracker.
The new fund to be called the Dresdner RCM European Index Trust will track the FTSE Eurotop 300 ex UK Index.
The changes still have to receive unit holder approval.
But if accepted the trust will have no initial charges and an annual management charge of 0.75 per cent.
Dresdner's (UK) sales and marketing director Nick Hodgson says: "The combination of low charges and a broad spread of investments in leading Continental European companies should be appealing to investors.
"Our research shows this should fit well with the profile of our privatisation unitholders."