Fidelity platform restricts fund of investment trusts following charge disclosure changes

On 30 June 2022, Fidelity International decided to restrict new investments in fund, because it was "in the best interests of our customers," according to a statement on its website. Investors are still able to redeem existing holdings in the fund either by selling to cash or by switching to other funds.  While Fidelity did not disclose the rationale, Investment Week has learned that it is because the platform has an unofficial cap on funds' ongoing costs of 2.5%, with most funds beyond the threshold considered not suitable for its clients. The Premier Miton fund, which is a fund of i...