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Henderson Investors changes its unit trusts and exempt funds

Henderson Investors is bringing in a sea change to all of its 33 unit trusts and exempt funds.


The company is to convert the funds into a total of 25 open ended investment companies (OEICS) in a staggered tranche of two OEIC umbrellas. The first group, consisting of UK and European funds will be available from September 4, while the global group will be available from October 2.


Henderson is also introducing a new US-style share class, named the X class to differentiate it from the Henderson&#39s retail class A and institutional class I shares which will still be available for the funds. Class A shares can be bought by smaller investors with between £1,000 and £500,000, class I shares are aimed at high net worth individuals and institutional investors with more than £500,000 and class X shares are for investors with £1,000 or more to invest.


Henderson&#39s X class shares will have no initial charges, an annual management charge of between 1.25 per cent and two per cent depending on the fund, and exit charges for the first six years. In contrast class A shares have initial and annual charges and I shares have no initial charge but have an annual management fee.


Products that have exit and annual management charges but no initial charges are becomingly increasingly popular in the US. The inclusion of X shares gives investors more choice.


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