Investec is to launch X-shares

Investec is to offer X-shares on its Cautious Managed and Managed Distribution funds, to try to attr...

Investec is to offer X-shares on its Cautious Managed and Managed Distribution funds, to try to attract with-profits investors. The shares, which launch imminently, will carry no initial charge but will have an exit fee, which will taper down annually, reaching zero depending on the length of investment. IFA commission will remain at 3% initial and 0.5% trail. While the initial charge will not be directly met by the investor, annual charges will be slightly higher than on the group's A-share class to account for this. Andy Sowerby, joint managing director of Investec, said the new share...