The new ‘N’-class class – available with immediate effect – will range between 0.35% for cash funds and as much as 0.8% for equity and balanced funds; in the middle are core fixed income (0.5%) and flexible & specialist fixed income (0.7%) propositions.
Performance fees will only be levied on absolute return strategies.
The new structure will also be included across the Luxembourg-domiciled Sicav range that was launched in August.
David Hanratty, Head of UK & Ireland Distribution, the ‘N’ share class will initially consist of a selection of 19 competitive strategies across a range of asset classes. A second phase of funds will be included next year 2013 with all future fund launches will fit into the new pricing structure."
He added: “We have decided to offer a dedicated RDR class, rather than adjusting an existing share class. Therefore avoiding ‘best execution’ challenges for our international clients and the confusion that can come from bundling retail and wholesale/institutional investors in the same unit class.”