Aberdeen Asset Management has reduced the annual management charge for its multi-manager range in readiness for the new retail funds regime in the UK.
The London-listed fund manager has introduced an unbundled share class within its multi-manager fund range, which will charge 0.5% a year to manage. The charge on the existing R share class is 1.5%.
Fund managers have launched extra share classes in readiness for changes to the retail fund landscape as a result of the Retail Distribution Review.
The rules come into force on December 31 and are aimed partly at removing commission-bias from funds delivered through third-party distributors to individuals.
Seven Aberdeen funds are covered by the latest move, including the Aberdeen Multi-Manager Balanced Managed Portfolio.
Aberdeen manages around £7 billion (€8.8 billion) in long-only multi-manager portfolios.
Steve Andrews, head of strategic partnerships at Aberdeen, said the new management charge was competitively priced and should “compare favourably against many of other multi-manager offerings”.
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