Cofunds sets fund groups November deadline for share class changes

Platform giant Cofunds has asked fund groups to commit to developing commission-free share classes by November as it moves to align itself with RDR.

In a series of recent briefings, Cofunds told fund providers it wants the new share classes available to the platform by April 2012. However, Cofunds has so far stopped short of confirming it will strip out its own fee from the new share classes. It is still deciding whether to offer a completely unbundled share class (which will only include the fund group charge), a share class encompassing the fund charge and platform fee, or both options. Alastair Conway, sales and marketing director at Cofunds, told Investment Week: "We have said for some time we will have an unbundled solution a...