View more on these topics

L&G adds share class to multi-manager range

Legal & General is adding an additional share class to its multi-manager fund range with an increased annual charge but no performance fee.

The new share class will have a 1.5 per cent AMC. The current share class levies a 1 per cent AMC plus a 1 per cent maximum annual performance fee. The share class will be added to the £238m growth, £205m income and £23m balanced multi-manager funds.

L&G managing director of unit trusts Simon Ellis says: “The current share class may have come too early and will be more suitable after the RDR.

“The launch of the new share class is in response to IFA demand for a more conventional fee structure in line with our competitors. It will be available through all channels and we will be working with our platform partners to offer it from launch.”

Quainton Hills Financial Planning director Gordon Bowden says: “Multi-manager funds are expensive. There is plenty of scope for lower fees and to make money from 1 per cent AMC. If you are going to charge a performance fee, you should stick to your guns. I cannot see the point of having two fee structures.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com