Ignis has switched the management of its Japan fund from active to passive.
The move sees the £36m fund renamed the Ignis Japan tracker fund and the annual management fee is halved from 1.5 to 0.75 per cent.
The fund is being given greater investment and borrowing powers that allow it greater flexibility to track an index. It will come under the management of the State Street Passive Team.
The Japan fund is curr- ently ranked 36th out of 50 funds in the Investment Management Association’s Japan sector over three years.
Stuart Dickson has been running the fund since the end of 2008 and a spokeswoman for the company says he has now been redeployed within the business.
The fund had previously been managed by Natasha Chetwynd, who had run the fund since 1994. She was one of 36 redundancies announ- ced by the firm in 2008, with the company deciding to close its Japanese equities desk, which included retail funds, institutional funds and life company assets.
Chelsea Financial Services managing director Darius McDermott says: “If a group feels that it does not have the expertise to run a non-core asset, then it makes sense to change it.”