Credit Suisse Asset Manage-ment is to increase the annual management charge on its flagship Income and Monthly Income funds from 1.2% to 1.5% from 18 April.
Product development manager at Credit Suisse Toby Hogbin said it is an historical anomaly that the group's best-known funds carry lower charges, as they are among the older portfolios in the range. The increased annual charge will continue to be taken from capital.
The 30% increase in the annual fee brings them in line with the other equity funds, including manager Leigh Harrison's other portfolio, UK Alpha Income.
Harrison has now been running the £1.16bn Income and £371m Monthly Income funds for 20 months, having taken them over from Bill Mott in August 2003. Over 12 months to 28 March, both funds are second quartile, according to figures from Standard & Poor's, with Monthly Income ranked 25th and Income 31st out of 79 in the equity income peer group on a bid to bid basis.
Meanwhile, the group is also planning to close its £2.7m Global Post-Venture Capital fund subject to regulatory approval.
Managed by Leo Bernstein and Calvin Chung, the fund invests worldwide in companies considered to be in the post-venture capital stage of development.
Hogbin said the fund has not taken in significant assets or increased the number of investors in the past 12 months and the group is looking to close the portfolio by the third quarter of this year.
Investors will be offered a free switch into another Credit Suisse fund. The group shut its Global TMT and Global Focus funds in 2003.
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