Investments  

Guinness to close 0.25% share class on Global Equity Income

Guinness to close 0.25% share class on Global Equity Income

Guinness Asset Management is set to close off access to its cheap “early investor” share class on its Global Equity Income fund.

The asset manager made the Global Equity Income fund available with an annual management charge of 0.25 per cent when it launched in December 2010, in order to encourage new investors in to grow the fund’s assets.

But now it has reached $120m (£78.2m) in size so Guinness has decided to close the cheap “Z” share class to new investment from the end of April.

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Existing investors in the Z shares, which have an ongoing charges figure (OCF) of 0.74 per cent, will continue to benefit from the cheaper costs.

After April, new retail investors into the fund will have to pay an OCF of 1.24 per cent.

Since its launch, the fund has delivered top quartile performance in the IA Global Equity Income sector, delivering a return of 51.9 per cent.