Legal & General Investments has cut charges by five basis points on a number of its index funds and plans to launch new passive products.
In a “renewed focus” on passive investments, the annual management charge for Legal & General’s single-country index funds is now 0.15% and for its core global index funds 0.25%. These changes affect 15 share classes of 13 funds.
The lower charges apply to the I and M unit classes that are available on intermediary platforms. In addition, they apply to direct intermediary deals that meet minimum investment levels.
Legal & General says the cuts are part of a major and renewed focus on its passive investment offering, as the Retail Distribution Review creates new interest in index funds amongst UK advisers.
Simon Pistell, managing director, says Legal & General plans to launch new index funds.
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