Fidelity converts Income Plus fund into MoneyBuilder range

Fidelity has converted Michael Clark's top performing Income Plus fund into its MoneyBuilder range, scrapping the initial charge on the product.

The fund, which previously had an initial charge of 3.5%, has been renamed the Fidelity MoneyBuilder Dividend fund, while the minimum investment has been cut to £500, from £1,000. The move means the group now has eight funds in it MoneyBuilder range, which is typically sold directly to clients rather than via advisers. The £445m fund, which has returned 12.5% to investors in the last three years, ahead of the IMA Equity Income sector average of 5.7%, will keep the same investment policy and strategy. Gary Shaughnessy, UK managing director of Fidelity International, said the move wi...