Wells Fargo Asset Management in London has launched Class Z shares for 11 sub-funds of the Wells Fargo (Lux) Worldwide Fund as part of its response to the UK regulator’s Retail Distribution Review. These are so-called clean shares, which exclude both the advisor commission and platform fees.

The Class Z shares carry an advisory fee net of any fee payable to financial advisors or fund platforms. The advisory fee for equity funds generally ranges from 0.75 per cent to 1.20 per cent per annum and for fixed-income funds from 0.50 per cent to 0.65 per cent per annum. There is no initial sales charge on the Class Z shares.

The Class Z shares were launched in Luxembourg on 31 October and are expected to become available to UK investors in November.