Three offshore insurers have altered the charges on their links to the UK domiciled £5.6bn Fidelity...
Three offshore insurers have altered the charges on their links to the UK domiciled £5.6bn Fidelity Special Situations fund managed by Anthony Bolton.
Fidelity has raised the initial charge on the fund from 3.5% to 5.25% and is planning to split the portfolio into two separate funds in the first half of 2006. Bolton will run both until the end of next year and then one until the end of 2007.
The increased charge of 5.25% is for all new business and top-ups to existing investments in Fidelity Special Situations via offshore bonds. Ian Thomas, investment marketing manager at Royal Skandia, said it had secured a "substantial discount" on the new terms. The charge will be higher than the old terms but Thomas would not reveal the new fees.
Zurich International claims the initial charge on the Fidelity Special Situations fund will be 1.5% via its offshore bonds from 4 January 2006. Prudential International said it is talking to Fidelity as it is seeking to renegotiate the new initial charge. Clerical Medical International said Fidelity Special Situations is held within its portfolio bonds and it has retained the same terms as before the announcement.
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