With barely three weeks left before a new regulatory regime kicks in for the UK wealth management industry, Brooks Macdonald Funds has changed its charging structure.

Ahead of the Retail Distribution Review, which seeks to clamp down on trail commission payments to advisors, BMF said the annual management charge for Class A Shares of its IFSL Brooks Macdonald OEIC will drop to 0.75 per cent, along with the removal of the fund’s initial charge. Existing as well as new investors will benefit from this new charging structure, it said in a statement today.

The IFSL Brooks Macdonald OEIC includes the £100 million (about $160 million) Defensive Capital Fund, along with three funds of funds, which replicate Brooks Macdonald’s Managed Portfolio Service.

The firm, like many of its peers, is gearing up for the RDR, which is due to take effect from January next year.

Among other changes announced by the firm, the frequency of distributions for the Defensive Income Fund will increase from six monthly to quarterly. The first additional distribution will be made on 30 April 2013, it said.

BMF is part of Brooks Macdonald Group; the latter firm oversees total client assets of £3.75 billion (as at 30 September).