London-headquartered wealth manager Kleinwort Benson is to merge all but one of its Global Funds range with the equivalent funds forming the Elite PCC range with the aim, the firm says, of improving overall fund performance and operational efficiencies.

The move follows the conclusion that there was duplication in investment strategies and objectives, with a number of funds operating in multiple platforms and jurisdictions. Because the majority of the Elite Funds have a lower total expense ratio compared to the Global Funds, shareholders will also benefit from a lower level of overall costs, the firm said in a statement.