The administration duties on the funds will now be undertaken by International Fund Data Services, whereas it was previously undertaken by JP Morgan.
A document seen by Fundweb shows the Cazenove funds will be levied with an admin fee of 0.15 per cent with effect from 24 March. Previously, the admin fee was as low as 0.04 per cent for some funds.
The move will bring the charges on the Cazenove funds in line with the existing Schroders funds.
Under the changes, Julie Dean’s £2.8bn Cazenove UK Opportunities fund, previously with an OCF of 1.56 per cent on its B share class, will have an OCF of 1.69 per cent.
Paul Marriage’s £1.2bn Cazenove UK Smaller Companies fund, previously with an OCF of 1.58 per cent on its B share class, will now be charging an OCF of 1.67 per cent.
However, the £197m Cazenove UK Corporate Bond fund, managed by Alexander Smitten, will see an increase of only 0.10 per cent to its admin fee.
Only one fund will see a reduction in its OCF, with the £67m Cazenove Multi-Manager Diversity Balanced fund co-managed by Robin McDonald and Marcus Brookes now charging 1.76 per cent in its A share class whereas it used to charge 1.81 per cent. This is because the fund’s admin fee was previously 0.20 per cent.
As a result of this change of administrator, the 5 per cent initial charge on all of the funds is also being scrapped.