Fidelity Worldwide Investment has raised the annual management charge (AMC) on two of its multi-asset funds as part of the rebrand and restructure of its multi-manager range.
The group - which this week announced it was launching a new open range of funds - has upped the annual charge on two multi-manager funds which form part of the new investment offering.
Its existing Multi-Manager Growth and Multi-Manager Balanced funds - now renamed as Multi-Asset Open Growth and Multi-Asset Open Strategic - have both had their AMCs raised from 1% to 1.25% for the retail share class.
Fidelity said the rise - which will put them on the same charging structure as the newly launched Multi-Asset Open funds unveiled yesterday - accounted for the wider investment objective the funds are now following.
Under their new investment mandates, all five funds in the Open range - which now includes the Open Defensive, Open Adventurous and Open World portfolios - can make more use of passive ETFs, futures and CFDs.
The price rise is in-line with Trevor Gretham's separate Multi-Asset fund range, which is also priced at 1.25%.
A spokesperson at Fidelity said although the AMC had risen on the two existing funds, the enhanced use of passive strategies should help bring down the TER.
All the funds also have a 'Y' share class priced at 0.75%, which wealth managers and institutions can access depending on the amount they are investing.
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