Sun Life of Canada Unit Managers, the subsidiary of SLC Asset Management, has gained approval from u...
Sun Life of Canada Unit Managers, the subsidiary of SLC Asset Management, has gained approval from unit holders to convert its unit trusts range into Oeic sub-funds.
The Oeic will consist of 10 sub-funds: UK Growth, Smaller Companies, Extra Income, European, North American Growth, Japan, Corporate Bond & Gilt, Managed Assets, Worldwide Growth and Asia Pacific funds.
Trading in the new Oeic will begin on 2 July 2001. Trading will be suspended on 29 June to facilitate the conversion process. The move involves more than £1bn in assets, according to Jim Owen, head of marketing and client service for SLCAM.
After the conversion, the initial charge on the Corporate Bond & Gilt fund will reduce to 3.95%, with a 1% annual management charge. Charges on the other funds will remain at 4.95% initial with a 1.5% annual management charge. Commission for intermediaries is available at 3% initial and 0.5% renewal.
Owen said: 'The move will enable us to offer more flexible, simple and efficient investment solutions for our clients and will support our plans to be a major player in the retail market.'
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