Troy Asset Management is merging its Spectrum fund of funds into its Trojan Global Equity fund as efforts to cap costs on the Spectrum fund failed to entice investors, Investment Week has learned.
The £133m Spectrum fund will merge into the £405.5m Global Equity fund on 14 May, according to a letter to shareholders. The letter stated the Spectrum fund has experienced "steady outflows" in recent years and a review undertaken by ACD Link Fund Solutions and Troy concluded there was "little prospect for altering this trend in the foreseeable future". As a result of the merger, investors will benefit from a lower ongoing charge, which stands at 1.5% for the Spectrum fund and 0.92% for the global equity fund. Shareholders reject proposed ESG changes for JPM bond fund Since 2015...
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