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Fidelity to remove higher initial charge on special situations fund

Fidelity is to remove the higher initial charge on new investments in the Fidelity special situations fund from November 1 2006.

Following the split of the fund into UK and global mandates last month, it will now remove the initial charge on unwrapped lump sum investments into the original special situations fund from 5.25 per cent to 3.5 per cent.

The move brings it back into line with the standard initial charge on Fidelity’s funds including global special situations which launched on September 18.

The higher initial charge on all non-Isa and Pep investments was imposed in September 2005 as a way to slow inflows of new cash to the fund which stood at £5.4bn at that time.

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