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JPM wages price war on low-cost funds

JP Morgan Asset Management is cutting the fees on its £61m UK active 350 fund in a bid to compete with ultra-low-cost index tracker funds.

The company is to rename the fund JPM UK active index plus and will shift its investors into a low-fee share class in response to recent criticism of the “expensive” active fund industry.

The fund, which is managed by Michael Barakos and Christopher Llewelyn, currently has retail charges of 1.18 per cent a year and 0.6 per cent for institutions but investors would be charged no more than 0.55 per cent under the plans.

This includes 0.4 per cent of basic charges and a 10 per cent fee on returns delivered above the fund’s FTSE All-share benchmark, payable on outperformance of up to 1.5 per cent in any accounting period.

The changes are pending the outcome of a shareholder vote on January 28.

Hargreaves Lansdown senior analyst Meera Patel says: “If it can deliver returns in line with the active fund market and charge less in fees then it is putting other funds that are third or fourth-quartile to shame.”



N&P in talks with Aviva over tied advice deal

Aviva is in advanced talks with Norwich & Peterborough Building Society over a move that would see N&P IFAs becoming tied agents for the provider. The agreement is likely to be structured in a similar way to existing partnerships with groups like Principality Building Society, where branch advisers distribute Aviva products. Norwich & Peterborough’s 21 […]

November purchase lending down 15% year-on-year

The number of loans advanced for house purchases in November fell 15 per cent on the year before, according to the Council of Mortgage Lenders. There were 44,000 loans advanced for house purchases in November, worth £6.3bn, compared to 52,000 in November 2009, worth £7.2bn. House purchase lending was unchanged between October and November in […]

Sales of corporate bond funds turn negative, IMA stats

Net retail sales of £ corporate bond funds turned negative in November last year, according to the IMA. Having been the most popular peer group among investors in August, the sector saw outflows of £215m in November, according to the latest statistics. This made the sector the second least popular in November, just above Europe […]


More senior departures at Aegon

Aegon head of industry development Peter Williams (pictured) and head of pensions development Rachel Vahey are leaving the provider as a result of its ongoing restructuring programme, announced in June. Aegon is streamlining the structure of its regulatory analysis and political affairs teams as part of the programme, which will see it focus on at-retirement […]


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