Morgan Stanley Dean Witter is expanding into the U.K. retail money management business, launching Great Britain's first family of actively managed no-load funds. The funds also will be available to institutional investors.
Like U.S. no-load funds, the new funds will charge no front-end load and will trade on net asset value with no bid/ask spread. The funds will be subfunds of an open-end investment company. The funds include a global equity fund, a continental European equity fund, and a U.K. growth and income fund. Minimum institutional investment is œ500,000 ($817,500), with an annual fee of 0.75%.
