Guinness cuts fund fee to counter 'saddening' price hike culture

Guinness Asset Management has launched a new share class for its Global Equity Income fund, offering a TER of 0.74% that it says is the lowest in its IMA peer group.

The group has launched a "Z" share class - which has an AMC of 0.25% - aimed at investors with £100,000 or more. It will offer the cheaper share class until the £16m fund has reached £100m in size. According to Guinness analysis, funds in the IMA Global Equity Income sector have a median TER of 1.57%, with a range of 0.75% to 1.99%. "I believe strongly in charging fairly for managing investments and that is what we are setting out to do. It saddens me to see that the City I remember has changed and that fees for raising capital or managing investments have risen to such an extent over...