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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.


New economy appeals to Deutsche

Deutsche Asset Management is introducing the Deutsche new economy fund.The fund is the company’s first open-ended investment company (Oeic) and is also its first technology fund. The product is aimed at clients who want exposure in the technology market but who also require some safety and stability.New economy will invest in a broad range of […]

Body of evidence for group benefits

Scottish Equitable Employee Benefits is designing marketing literature which promotes the advantages of its product range to employees.The literature uses images of body parts to make IFAs aware that the strength of an employee benefits scheme lies in tailoring the cover to the individual needs of the employer and employees.The central brochure in the range […]

Aggressive fund for UK

Franklin Templeton Investments is set to launch a copy of its US aggressive growth fund in the UK next month.The new Oeic, which is subject to FSA approval, will be managed by Michael McCarthy, who runs the £300m US fund.The fund invests largely in young and high-growth companies and is heavily invested in the technology […]

£20m VCT aims to profit from joint expertise

Northern Venture Managers is launching a new £20m venture capital trust, its first since it was acquired by Edinburgh Fund Managers in June.The trust will invest in new issues on the Alternative Investment Market, pre-flotation placings by unlisted companies and later-stage venture capital investments. It is expected to launch in mid-October.The VCT will be managed […]


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