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X marks the spot in Henderson conversion

Henderson Investors is making a sea-change to all its 33 unit trusts and exempt funds.

The company is to convert the funds into a total of 25 Oeics in a staggered tranche of two Oeic umbrellas. The first group of UK and European funds is available now 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 investors with between £1,000 and £500,000, class I shares are aimed at 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 charge of between 1.25 per cent and 2 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 fee.

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

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