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Cofunds to offer Woodford, but not at preferential rate

Cofunds to offer Woodford, but not at preferential rate

Funds supermarket Cofunds will offer Neil Woodford's new fund from its launch but has been unable to get the preferential charging structure.

The platform will offer the CF Woodford Equity Income fund with a 0.75% AMC from 2 June.    

Woodford Investment Management unveiled the fund’s fees last week and the Cofunds arrangement is 10 basis points higher than Z share class available on certain platforms. There are four share classes in total on the fund.

Cofunds said it had not secured the cheaper share class as this was only available to platforms which could ‘guarantee distribution’.

The platform said: ‘Cofunds is not presently offering the Z class as we are open architecture and Z class is currently only available to those offering guaranteed distribution. We allow advisers to choose what funds they want and cannot dictate which funds people choose.’

Woodford Investment Management has not announced which platforms will receive the Z share class and said that negotiations were ongoing.

Cofunds chief executive David Hobbs (pictured) said it was of ‘paramount importance’ to have Woodford on the platform. ‘Woodford is one of the UK’s best known fund managers and advisers have been eagerly awaiting news about the fund and his vision for the company,’ he said.

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