The so called ‘Sunset Clause’ of the RDR bans trail commission paid to advisers via platforms share class strategy.
Adam Gent, head of UK sales, said: “With the advent of the RDR sunset clause, we have taken the decision to review fees because we believe that it is the best thing to do for our clients.
“With the considerable reduction in our fee levels, it will provide a more competitive fee structure for our clients. Our aim is to make sure that investors continue to receive value for money from our UK based fund range.”
Charges cut
Going forward Legg Mason Investment Funds will cut the annual management charge (AMC) on its fixed income funds for retail and institutional Investors by between 0.4% and 0.45% for Class A shares, depending on the sub-fund. The initial charge for subscriptions will no longer apply.
For equity funds, the AMC will be reduced by 0.5% for Class A shares and the initial charge for subscriptions will also no longer apply.
