Clerical Medical will switch its entire retail unit trust range into Oeics in the first quarter of 2...
Clerical Medical will switch its entire retail unit trust range into Oeics in the first quarter of 2000, writes Kira Nickerson.
The exact share class structure of the Oeic has not been decided but the group is looking at a share class range that will offer flexibility to institutional investors and retail customers.
The group will also be making changes to the annual management charges of its overseas funds. This follows its decision to run these funds, with assets of £180m, in house.
Fidelity has been managing them since 1984, although in the past few years the two have shared fund management equally.
Clerical Medical plans to cut the charges, which will be reflected in the unit price of the funds.
Andrew Hamilton, director of retail funds at Clerical Medical, said: "The advantages of bringing it in-house is that it will be cheaper and it will be a saving that all unit holders will get. When we started in 1984 we only had two people on the overseas equity team.
"We needed to get that expertise outside and it has worked extremely well. Now we have built ourselves up, our resources are greater. We now have six analysts for overseas equities, and a large number of fund managers."
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