Investec scraps initial charge across UK OEIC range

Investec Asset Management has scrapped the initial charge on its UK OEIC fund range, which includes high profile funds such as Alastair Mundy's Cautious Managed portfolio.

The group said it wanted to make the cost as low as possible for the end consumer. The change will also apply to funds within its recently-launched Managed Solutions Range - the group's play in the risk-rated market - as well as its specialist range of funds. Although many clients do not pay the initial fee if they buy funds through an IFA or wealth manager, with discounts offered because of the amount of money such groups invest en masse, Investec said a number of clients still pay the charge. As a result, it has scrapped the fee, which was previously as high as 4.5% on some manda...