Carmignac Geston and Pioneer Investments have launched new share classes to comply with Britain's Retail Distribution Review (RDR).
Scheduled for implementation at the end of this year, the RDR will ban commission paid to advisers. Asset managers have started introducing more transparent charging structures for their funds.
Having registered new RDR share classes in June, Carmignac Gestion created so-called clean shares denominated in Sterling in its Luxembourg Sicav. This includes the Carmignac Grande Europe fund, the Carmignac Emerging Patrimoine fund and the Carmignac Global Bond fund.
Pioneer Investments said its new structure would be made available to investors through an ‘N’ share class, which also facilitates the recently launched Luxembourg-domiciled UK registered Sicav umbrella, subject to regulatory approvals.
Depending on the complexity of the strategies, the ‘N’ share class will charge 0.35% for cash and near-cash investments; 0.5% for core fixed income; 0.7% for flexible and specialist fixed income; 0.8% for equity, balanced and others; and a performance fees on absolute return strategies.
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