Jupiter Unit Trust Managers (JUTM) has closed three funds and reduced fees paid by direct investors by introducing 69 new unit classes with the aim of moving retail investors out of legacy offerings.
While the majority - 64 out of 91 - of classes in its UK unit trust range offered value to investors, the firm said 27 had not delivered value consistently. As a result, Jupiter said it had introduced 69 new unit classes with a reduced annual management charge (AMC), aiming to move 49,000 direct investors out of legacy unit classes.
Meanwhile, the ongoing charges figure (OCF) for more than half - 21 out of 40 - of the funds in its range have been reduced, which the company said would benefit around 42,000 investors.
Jupiter said it introduced a 'J' share class on some of its funds which will lower fees by around 0.3% per annum for some of its clients. This share class, which was implemented in May, will house direct investors not using the services of a platform or adviser, it explained.
Meanwhile, Jupiter added it had closed three funds in the 12 months to 31 March having concluded investors would be better served in other offerings in its range.
Chairman of JUTM Phil Wagstaff said the assessment of value report was an "important initiative" for asset managers.
The production of its version "has allowed us to demonstrate to our investors how we are delivering value, but also highlighted the areas where we as a company as well as our industry in general, can do more to ensure that all our clients continue to receive the highest level of service".
"At Jupiter, we have a simple goal: to deliver the best outcomes for our investors," Wagstaff continued. "No two investors are the same, and 'value' will look different depending on your desired outcome.
"As an active, high-conviction fund management house, how we deliver value is inextricably linked to our ability to deliver superior investment performance after fees alongside other services we provide and, while we are encouraged by the findings of this inaugural report, one of our key principles at Jupiter is always to be better tomorrow than we are today."
Two of the funds that closed during the past year are Jupiter UK Alpha and Jupiter Enhanced Distribution, which closed on 22 July, and Jupiter Strategic Reserve, which closed in May 2019.
The funds that received two out of four stars for their legacy classes - meaning they had demonstrated value, but not consistently - were: Jupiter Asian, Jupiter China, Jupiter European Income, Jupiter European Special Situations, Jupiter Global Emerging Markets, Jupiter Global Equity Income, Jupiter Growth & Income, Jupiter Income Trust, Jupiter India, Jupiter North American Income, Jupiter Responsible Income, Jupiter UK Growth, Jupiter UK Special Situations, Jupiter Corporate Bond, Jupiter Distribution and Growth, Jupiter Absolute Return, Jupiter Merlin Real Return, and Jupiter Merlin Worldwide Portfolio.