Fidelity Worldwide Investment is converting its £904m wealthbuilder fund to a non-Ucits retail scheme structure.
Currently a Ucits fund, the wealthbuilder fund will become a sub-fund of the Fidelity investment funds IV Oeic on June 29.
Fidelity is converting the fund to a Nurs structure to allow manager Richard Skelt greater flexibility in his investment approach, enabling him to invest in a wider range of investment funds, as well as derivatives.
“The Oeic structure is common to our more recently launched funds, so the new-look wealthbuilder fund will run and be operated in a similar way to these funds that include the multi asset and the multimanager range,” a Fidelity spokesperson says.
“The timing is appropriate to make this change as we approach RDR when there will be a need for a variety of share classes,” the spokesperson adds.
Over one year to May 24, the fund is down 8 per cent against the 8.7 per cent fall in the IMA global sector, according to Morningstar.