Rathbones slashes fees on multi-asset range

Rathbone Unit Trust Management is slashing fees on its entire multi-asset range, as it prepares to include direct equities in portfolios as part of a shift to a "private client-style product".

The firm will cut the annual management charge across its multi-asset range from 75bps to 50bps from 1 August, as it switches from 'I' to 'S' share classes. The OCF will also be reduced as a result of these changes, as well as by the new way administration fees will be paid on the funds. These charges will now be met by the group, instead of being paid from the assets held in the funds, reducing the OCF by around 11bps, the group estimates. From 1 October, all the funds in the range will also be able to include direct large-cap equities, as well as investing in funds, which is expe...