The company is to raise the charge on the UK, European and American equity funds from 1.25 to 1.5 per cent from September 30.
The £118m UK equity fund is managed by Stephen Adams and is currently top-quartile over three years in the IMA UK all companies sector.
The £15.7m America and £22m European equity funds, which are managed by Ian Cooke and Stuart Fraser respectively, are both fourth-quartile in their respective sectors over three years.
An Aegon spokesman says that although the funds are relatively small now, it expects them to grow significantly so it is better to make the changes now so that charges are clear from the outset.
He says: “The move brings the funds’ charging structure in line with the majority of our competitors as well as with other equity funds within the stable.”
Hargreaves Lansdown investment manager Ben Yearsley says: “They are cheaper than most but in these markets it is hard to justify raising annual charges when funds are not outperforming. It is also not a good advertisement when passive offerings from the likes of Vanguard are coming into the market with reduced annual management charges.”