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DWS closes its trackers And offers L&G switch

DWS Investments is pulling out of passive funds by closing its three trackers at the end of the month and offering customers a switch to L&G.

DWS has told IFAs it will close the trackers and give investors a range of choices depending on whether they hold the funds in a Pep or Isa.

The firm sold the majority of its passive business to Northern Trust in January 2003. The funds closing on October 29 are the £4.3m Japan equity tracker fund, the £38.2m UK All-share equity tracker fund and the £61m US equity index tracker fund.

DWS will be left with 16 active funds specialising in the US, Asia, Europe and Japan, including five UK funds.

Customers can switch to an L&G tracker, take their cash or move to an actively managed DWS fund at a reduced annual management charge.

Head of product management Paul Dellar says: “This is part of the rationalisation where we wanted to focus on actively managed business.”

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