Invesco to launch share classes for five platforms

Invesco Perpetual is to launch a bespoke share class for five platforms but said other fund distributors could be able to access it too.

The group has launched a Y share class which it said represents the deals it had previously struck with five of the largest fund distributors - Hargreaves Lansdown, Fidelity FundsNetwork, Standard Life, Skandia and Cofunds.

Invesco said the Y share class meant it was selling its funds to some of these five platforms for less than it had previously under a bundled structure.

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The share class does not use rebates and so avoids the potential issue of tax liabilities which can be triggered if investors receive rebates outside of a tax wrapper.

But while the share class has only been made available to five platforms initially, Ian Trevers, head of UK retail, said if another platform could provide a suitable level of sales and also demonstrated a high standard of service in terms of how it processed client requests, it could be able to access the share class.

“It is not a closed book,” he said.

“There is more to it than just sales and assets under management. It is about the way in which they deal with things like straight-through processing.”