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SKAGEN Launches Two New ‘Clean’ Unit Classes

Sandra Kilhof Reporter London 6 January 2014

SKAGEN Launches Two New ‘Clean’ Unit Classes

The Norwegian fund management firm, SKAGEN, has launched new unit classes in the UK for three of its equity funds, including its flagship SKAGEN Kon-Tiki, as well as SKAGEN Global and SKAGEN Vekst.

The Norwegian fund management firm, SKAGEN, has launched new unit classes in the UK for three of its equity funds, including its flagship SKAGEN Kon-Tiki, as well as SKAGEN Global and SKAGEN Vekst.

The new unit classes, launched on 1 January 2014, comply with regulatory changes following the implementation of the Retail Distribution Review, which no longer permits investment managers to pay commission to advisors, platforms or distributors and forces investment firms to provide investors with ‘clean’ share classes.

As previously announced, unitholders approved the establishment of the new unit classes at a meeting in Stavanger, Norway, on 19 June 2013.

As such, two unit classes, A and B, have been established for each of the above mentioned funds. The A-unit class is subject to the same fund conditions and all existing clients who hold their units directly with SKAGEN will be in this class, the firm said in a statement.

The B-unit class has a lower management fee than the A class and is open to UK investors who are no longer able to receive remuneration from SKAGEN. The firm also encouraged distributors to check whether they are eligible for the new B-unit classes by contacting the firm.

SKAGEN’s other funds are unaffected by the changes.

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