Jupiter to launch wealth manager share classes this month

Jupiter is proposing to launch its planned I share classes - targeted at wealth managers - across its unit trust range later this month.

Subject to FSA approval, Jupiter is proposing a launch date on or around 19 September for the new units, which will offer halved annual management charges across most of the range.

Most of the new share classes will have an AMC of 0.75%, compared with existing charges of 1.5%.

Jupiter chairman Edward Bonham Carter said in the company's interim results last month that Jupiter planned "to launch I classes across our unit trust range later this year to assist our penetration of wealth management channels".

The new share class will have a minimum initial subscription level of £5m, and will be launched across its fund range, encompassing flagship funds such as John Chatfeild-Roberts' Merlin fund range, Philip Gibbs and Guy de Blonay's Financial Opportunities fund, and Alexander Darwall's European fund.

While most of the proposed I classes will feature an annual management charge of 0.75%, Ariel Bezalel's Strategic Bond fund will have an AMC of 0.5%, down from 1.25%.

The company's most recent launches - Global Emerging Markets, Global Energy, Japan Income, Ecology and UK Special Situations funds - already have a legacy I class.

However, minimum subscriptions on these funds will be raised from £1m to £5m, it is proposed, though current unitholders will be exempt from the changes.

The minimum investment for the existing SICAV I-classes will remain at 10m of the base share class currency.