New funds and fee rises in quiet launch season

OPM Fund Management and BNY Mellon Asset Management last week announced new funds, while Schroders re-jigged the management of six of its income products. Subject to regulatory approval, OPM will launch a global fund and a target or absolute return vehicle.

The EFA OPM Diversified Target Return fund will be managed by Ross Henderson and will sit in the Absolute Return or Specialist sector. It will target annual returns of the Bank of England base rate plus three percentage points.

The EFA OPM Worldwide Opportunities fund, to be run by Tony Yousefian against a FTSE All-World benchmark, will sit in the Global Growth sector. (article continues below)

BNY Mellon will launch a long-only Latin America infrastructure fund, to be managed by BNY Mellon ARX Investimentos, one of the firm’s boutiques.

At Schroders, Sonja Schemmann will hand over her two European income products and her four global income funds temporarily.

Rory Bateman, the head of European equities at Schroders, and Ian Kelly, a European and global equity fund manager, will take over the £60m Schroder Global Equity Income fund, the Luxembourg-based £14.6m Schroder ISF Global Dividend Maximiser fund, and the £36.8m Schroder ISF Global Equity Yield fund on an interim basis.

The Schroder Income Growth investment trust will be managed by Sue ­Noffke and the UK prime team in Schemmann’s absence. The permanent changes will see Bateman and Kelly take over the Luxembourg-based £57m Schroder ISF European Equity Yield and £11m Schroder ISF European Dividend Maximiser funds.
Investec Asset Management increased the AMCs on five of its funds, including the £1.6 billion Cautious Managed fund run by Alastair Mundy.

Annual charges on the cautious fund and on Mundy’s £73m Managed Distribution fund rose from 1.25% to 1.5%.

Fees on John Stopford’s £268m Strategic Bond and £150m Global Bond funds rose from 0.75% to 1%, and from 0.95% to 1.25% for the £197m Monthly High Income fund run by Kieran Roane and Theodore Stamos. But the firm cut the charges on Stopford’s £374m Target Return fund, from 1.5% to 1.25%.