Standard Life Investments has moved to stop smaller platform investors from accessing its Global Absolute Return Strategies (GARS) fund's cheaper institutional share class by closing a loophole that waived the minimum investment.
The institutional share class will now reserved for those investing £5m in assets, with other investors being funnelled into the more expensive Platform 1 (P1) clean share class. Though some platforms shifted to the P1 share class when it was introduced last year, others continued to allow investors to access GARS via the institutional share class. Investment Week can reveal Standard Life Investments has now written to those platforms and instructed them to close access to the institutional share class for those with less than £5m to invest. Both the P1 and institutional share cla...
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