Legal & General Investment Management plans to merge its £34m Japanese trust into its tracker equivalent, with manager Andrew Nagele and team set to leave the group.
The fund - which was launched in October 1986 - is bottom-quartile over three and five years, significantly underperforming the group's £357m Japan Index fund. It currently has just £4m of external money and the merger will see its AMC drop from 1.5% to 65bp. Nagele joined LGIM in 1990 and is responsible for managing the Japanese equities team. LGIM's Japan Index fund is top-quartile over five years, up 12.4%. "At Legal & General Investments, we remain of the firm belief that both active and passive solutions can co-exist, " LGIM sales director Ben Waterhouse says. "Managed c...
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