Schroder Investment Management of North America is eliminating its advisor share class on most of the twelve Schroder funds it manages, said Cathie Mazza, a spokesperson for Schroder Funds of New York.
The firm launched the advisor share class two years ago but had trouble generating assets and rather than continue to subsidize the class, the firm decided to close it, she said.
When given the choice, most clients invested in the firm's cheaper investor class of shares, she said. Also, financial planners often sold the investor share class and tacked on their own, separate fees.
Most of Schroder's clients are institutional investors, financial planners and high net worth individuals, she said.
Schroder will also merge its Large Cap Equity Fund with its U.S. Diversified Growth Fund pending shareholder approval, she said. The funds will be merged to eliminate redundancies in the funds' portfolios.
Schroder Investment Management of North America is a subsidiary of Schroders of London.
