Close Asset Management has renamed four of its discretionary portfolios and has moved two of the range to different IMA sectors to better reflect their investment objectives.
As of 17 October, the company's £381m Discretionary Growth portfolio will become Discretionary Balanced, and the £240m Discretionary Dynamic portfolio will be renamed Discretionary Growth.
The £106m Discretionary Balanced portfolio will become the Discretionary Conservative portfolio and the £33m Discretionary Conservative portfolio will be renamed Diversified Income as of the same date.
Close head of marketing Caroline Lloyd said the changes would more accurately reflect each portfolio's objective.
The funds will remain within their existing sectors, with the exception of Diversified Income, which will move from IMA Cautious Managed to the IMA UK Equity & Bond Income sector to reflect its move from a growth to an income offering.
The £263m Close Discretionary Bond Income portfolio will keep its existing name but will be moved from the IMA Cautious Managed sector to IMA £ Corporate Bond.
Close is also scrapping annual management charges across the range and creating a separate admin charge to increase transparency, though the overall costs to the client will remain the same.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till