L&G cuts multi-index fees and bolsters team

Legal & General Investment Management has cut fees on its multi-index fund range and promoting a fund manager.

The five risk-targeted funds, which have £500m in assets, willl now have management charges of 0.31 per cent instead of 0.32 per cent for the multi index 4, 6 and 7 funds, bringing them in line with the 3 and 5 funds. 

L&G is the third firm which has cut passive fund fees over the past week, after BlackRock and Vanguard.

The funds invest in UK and international equities and bonds through LGIM’s index tracking funds, and in UK property through the L&G UK Property Trust.

Andrzej Pioch, already fund manager in the multi-asset team, has been promoted to co-fund manager of the range working alongside lead manager Justin Onuekwusi. 

Pioch, who joined LGIM’s multi-asset team in July 2014, will be part of a 33-staff team managing £30bn in multi-asset funds.

Onuekwusi, lead fund manager on LGIM’s multi-index fund range, says: “Andrzej and I have worked together for many years. The excellent support he has provided to the fund range since he joined has been a key part of its success, and I’m confident this will continue within his new role as co-manager.” 

Pioch joined LGIM as a fund manager from Aviva Investors, where he advised on dynamic strategic asset allocation of multi-asset portfolios as well as managing a range of retail income funds and multi-asset funds.