As Stewart Cazier, commercial director, global distribution, at the firm explained, Henderson is to open up its institutional share classes rather than building an entirely new set.
They will be available from 1 August and will comply with the RDR principle of fund groups not being able to pay commission direct to intermediaries for generating new business.
The share classes will still make an annual management charge net of any fee payable to the fund distributor, be they intermediaries or platforms.
Ultimately, the typical annual management charge on a long only equity fund will be 0.75% though across the entire range the AMC could be as low as 0.5% levied on the Henderson Gilt Fund.
There are some discrepancies within some of the sub-groups. Looking at the multi-manager funds, for example, the Active, Distribution, Income & Growth and Managed funds all charge 0.75%, whereas the Absolute Return and Diversified funds charge 0.625%.
They will only be available to individual retail investors through fund platforms.
In total, Henderson will be opening access to existing institutional share classes in 25 funds while ten will have the new RDR-friendly clean share classes. The ten are:
- Henderson Emerging Market Opportunities
- Henderson Global Strategic Capital Trust
- Henderson Multi Manager Absolute Return Fund
- Henderson Multi Manager Active Fund
- Henderson Multi Manager Distribution
- Henderson Multi Manager Diversified
- Henderson Multi Manager Income and Growth
- Henderson Multi Manager Managed Fund
- Henderson Sterling Bond Unit Trust
- Henderson Property Unit Trust
