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L&G set to cut fund charge

Legal & General is to reduce the annual charge on its European fund after converting it into a passively managed vehicle.

The annual charge on the 156m fund will be cut from 1.5 per cent to 0.75 per cent in line with its tracker funds.

L&G moved the fund’s management to its passive desk after offloading its European equity team following a prolonged period of underperformance. The firm has appointed headhunters to recruit a new European team with a view to converting it back to actively managed.

One source says: “The lowering of the charges is imminent. They just need to get the approval of the trustees and shareholders.”

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