BlackRock removes intermediary charge on Hibbert's European Dynamic fund

BlackRock has scrapped the 1% initial charge for intermediaries investing in Alister Hibbert's European Dynamic fund after assets under management fell to a more manageable level.

BlackRock put the charge in place last November to stem flows into the portfolio after it reached £2bn in size. BlackRock said at the time it would also cap the fund at £2.5bn, as the group moved to protect the performance of the fund. However, the group said today it had lifted the charge following a review by its risk management and portfolio management teams. "The fund's AUM is below the August 2013 level of £1.96bn, and we have therefore approved a proposal to fully waive the preliminary charge for intermediated investors with effect from 20th August 2014," the group said in a ...