Jupiter to offer ‘clean fee’ share classes
Group to roll out existing institutional share classes onto platforms.
Jupiter Asset Management is to offer ‘clean fee’ share classes across its range with a 0.75 per cent annual management charge this month.
The group is adding existing institutional share classes to platforms in two tranches - one this month and one in October.
Jupiter said the share classes would not include platform rebates or adviser trail commission - unlike the existing 1.5 per cent retail share classes which have both loaded in.
Fund groups are rolling out so-called ‘clean fee’ share classes ahead of the RDR, which will ban trail commission being paid to advisers.
Some groups, including Invesco Perpetual, have launched 1 per cent share classes which effectively retain a ‘bundled’ platform rebate, but platforms such as Cofunds have rejected this model in favour of charging fees for platform services.