Investec culls funds range

Chiefly affected will be the $815m Select Fund umbrella, which will merge into the UK OEIC range by October this year, subject to shareholder approval. That shift will funds under management in the UK OEIC to £1.6bn, up from £300m five years ago, the company says. Economies of scale and technical differences are forecast to lower total expense ratios for investors affected. Because the changes will shift investors into sterling denominated products, Invested is promising a currency service that will enable investors to redeem units or receive income in US dollars, euros or sterling...