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Fidelity to launch no-fees fund in US

Fidelity Investments will launch two new zero-fee index mutual funds tomorrow in the US.

The funds will not have a minimum investment threshold and, tracking Fidelity’s in-house equity indices, will invest in both US and international stocks with an expense ratio of zero.

Fidelity’s existing stock and bond index funds are also set for price cuts of an average 35 per cent on an asset weighted basis.

A number of significant players in US asset management saw their share prices fall on the announcement, according to Financial Times data, with BlackRock down 4.6 per cent and Invesco down 4.3 per cent.

The latest move by Fidelity comes after Fidelity International has been trialling performance based fees on some of its OIEC funds, and the likes of Vanguard have also been targetting cost-conscious investors by launching a direct-to-consumer platform in the UK.

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Legal & General IM accused of compliance failures

Legal and General Investment Management has come under fire from at least three whistleblowers who claim compliance failures have put its clients at risk, according to reports. According to the Financial Times, a number of employees have submitted complaints to the FCA in recent weeks focusing on the risk culture at the $1trn (£760bn) active […]

James Hay weighs up future of orphan clients

Platform James Hay is weighing up how to manage orphan clients as it predicts the number on its platform will increase in the coming years. Speaking to Money Marketing, James Hay chief executive Alastair Conway says the platform has started looking into orphan clients and whether it needs to do anything for those on its […]


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