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Schroders shuts multi funds to switch to Nurs

Schroders is to close its three existing multi-manager portfolios and open new versions to convert from Ucits III to non-Ucits retail schemes.

After approvals from the Inland Revenue to ensure it was a non-taxable event for capital gains, and from the FSA and the IMA to allow them to retain their track records, the transfer will take place on June 13.

Nurs funds can be converted to Ucits III but not vice versa.

Schroders is paying for the changeover with costs believed to be in six figures.

Schroders launched its multi-manager high alpha, strategic balanced and cautious managed funds under Ucits III as Nurs funds did not qualify for Isa and Pep wrappers at the time. This was relaxed in late 2005 and now most fund of funds have converted to the Nurs structure to access more asset classes.

Managing director of UK retail Robin Stoakley says: “There are so many advantages to Nurs and a number of our funds have already adopted it as Nurs gives so much flexibility. The only downside is that you cannot operate them outside of the UK.”

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