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Henderson adds new share class to Oeics

Henderson Investors is creating a third share class on its range of Oeics in addition to the standard retail and institutional share classes.

The change will apply to its range of Oeics which are currently being converted from unit trusts.

The new X shares will have no initial charge. Instead, there is a reducing exit fee for the first six years of the investment. They will pay 3 per cent IFA commission.

This compares with retail shares which have initial and annual charges. Institutional shares have no initial charge but levy an annual management fee and have a high minimum investment requirement. There is no commission on institutional shares.

Henderson is basing its plans on the US mutual fund market, where similar B-class shares account for almost half the gross fund sales.

The fund manager is converting its unit trusts into Oeics which it sees as providing greater flexibility and distinct advantages to investors.

From September 4, its UK and European funds will offer the three classes of shares followed by the global funds from October 2.

An introductory discount of 1 per cent on equity funds and 0.5 per cent on bond funds will apply to investments made in October.

Director of sales Simon Ellis says: “We want to modernise our range and make our investment capabilities available both to retail and institutional investors.”


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