Smith & Williamson has received FSA approval to make a number of changes to its OEIC and unit trust range including dropping the Nucleus brand.
The funds were renamed as Smith and Williamson (S&W) at the beginning of the month in bid to leverage off the brand and heighten awareness of the range with advisers.
They will be listed under the company Smith & Williamson Funds Administration Ltd.
Other changes, including the addition of extra share classes, different charging structures and single pricing on the unit trusts, require unit holder notification and will take place in the New Year.
Smith and Williamson previously announced it would be increasing charges on the funds to bring them in line with market norms and allow them to pay trail commission to advisers.
The AMC on the equity funds will therefore rise in January from 0.95% to 1.5% with an increase to 1.75% for the Global Gold and Resources fund. The initial charge will remain as 5%.
Other name changes to the funds are as follows:
- American Trust will become North American Trust
- Growth Trust will become UK Equity Growth Trust
- Far Eastern Trust will change to Far Eastern Growth Trust
- European Trust to European Growth Trust
- Special Situations to UK Special Situations
- Income Trust to UK Equity Income Trust
- Global Investment Fund to MM Global Investment Fund
- Endurance Balanced to MM Endurance Balanced Fund
Name changes on the Dublin fund range will be made on December 3 2007 and January 2008 for Nucleus Enterprise, a UK long short fund domiciled in the Caymans but listed in Dublin.
Consultation closing 15 September
Across all public sector schemes
Proceeds being returned to investors