L&G Investments makes further cuts to active equity range

Legal & General Investments is to merge its active North American fund into its much US index fund, as well as merging two of its Asia-Pacific mandates.

The group said its £117m L&G North American Trust - run by Nigel Holland - will merge into its £2.5bn US Index Trust later this month. The merger is in keeping with an increased focus on passive strategies, following a number of closures of active products in recent months. Meanwhile the group is also merging away another part of its fund range, merging Paul Hilsley's £75m L&G Pacific Growth fund into the group's £126m L&G Asian Income fund, also run by Hilsley. Both mergers will take place on 21 July. A spokesperson at L&G said: "The proposed moves, having received FCA approval...