The new share classes include an expansion within the existing Z share class range - with a lower initial investment requirement - and a completely new W share class, "primarily suitable for wholesale investors and professional investors," the firm said.

The minimum investment requirement on the OEIC for the W share class is £1 million, while the minimum investment on the SICAVs is $3 million.

The share classes are also “unbundled”, which means they do not carry embedded platforms or payments to intermediaries. 

Changes across both Z and W share classes will affect Franklin Templeton’s entire range of UK-domiciled OEICs and 16 selected SICAV funds, with no initial commission on either share class.