Sterling Investments renames flagship fund; removes entry fee and dual pricing

Overhaul part of plans to broaden investor appeal

Sterling Investments' flagship fund has "finally arrived in the 21st century", with the removal of its entry fee and dual pricing structure, alongside a name change, Investment Week can reveal.

The MI Discretionary Unit Trust has been renamed the MI Sterling Select Companies fund, while the £43m fund, which was launched in 1963, has also had its longstanding entry fee scrapped, along with its bid and offer pricing, with it moving to a "simple, NAV-based single-price" structure. The fund's manager and founder of Sterling IM Melwin Mehta told Investment Week he hoped the new name would "convey that we are selective", as the firm attempts to broaden its appeal from mainly retail investors, to encompass wealth manager and IFAs. Out with the old: Sterling Investments' Melwin Meht...