Taube Hodson Stonex Partners (THS) is launching a retail share class for its flagship £592m International Growth and Value fund, after parting company with St James's Place (SJP) late last year.
It is the first time the fund, which was launched by the late Nils Taube, has been marketed directly to wealth managers in its 20-year history.
As of 2011, THS was managing £5bn of assets in open-ended and pension mandates for SJP. But last November SJP severed its ties with THS and ended its tenure managing the St James’s Place International Unit Trust, along with other pension mandates.
Last week THS wrote an open letter to the Financial Times and the Telegraph thanking investors in the fund for their support.
The group has now moved to launch a retail share class for its International Growth and Value fund, which had previously only been available via the firm’s umbrella investment company.
It is run using the same style employed by THS on the SJP International Unit Trust, by a team headed by Cato Stonex.
Matthew Gilpin, director of wealth and retail distribution at THS, said the retail ‘x’ share class will carry an ongoing charge of 0.85%, with no initial fee.
“It makes sense for us to offer a new share class at this time. The industry is changing and people will be re-thinking how they invest their savings,” he said.
The retail share class, which is still subject to FSA approval, is expected to be available on major fund platforms and directly to wealth managers. The minimum initial investment into the fund will be £2,500.
Over the past year the fund has returned 17.7%, ahead of the IMA Global sector average return of 12.8%, according to FE.
Commenting on its strategy, SJP said the changes to its mandates were made in the long-term interest of clients.
Lower cost option for advisers
Following 2016 thematic review
December 2018 or early 2019
Feasibility study due
'Let’s be bold enough to demand change'