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L&G could add UK equity income to fill fund gap

Legal & General Investments managing director Simon Ellis says the company is looking at adding a UK equity income fund to its investment range.

He says the firm is keen to build a strong UK offering and an equity income fund is a clear gap in its range. Ellis says the company wants to assess a number of factors before launching a product.

He says: “UK equity income is such a competitive sector with a large proportion of assets going to a small number of leading players in the area.

“We need to provide a product that will obviously gain traction and we have not ruled out producing something that is different to traditional equity income funds, however, this is still at an early stage and nothing is concrete yet.”

Ellis says if L&G does launch a fund, it will not look to acquire an external manager to run the product, saying the firm has the capabilities to run the fund in-house.

Hargreaves Lansdown investment manager Ben Yearsley says: “It is the only major product that is missing from L&G’s range. Everybody wants one because the sector always sells.”

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