State Street cuts fees on 15 ETFs to continue passive price pressure

State Street Global Advisors (SSgA) is the latest ETF provider to slash fees on a range of its European products, as passive fees continue to come under pressure.

The group has cut fees across 15 of its core equity and fixed income ETFs by an average of 20%, with the largest cut to its S&P 500 ETF. The US index tracker will see its fee cut from 15 bps to just 9 bps on 1 October. The move follows similar cuts made by rivals such as UBS, HSBC and BlackRock, as they strive to take market share from Vanguard and its low-cost range of ETFs. Alexis Marinof, head of SPDR ETFs for Europe, Middle East and Africa (EMEA), said: "Our objective is to be at the forefront of change and innovation in the ETF market and use our wealth of expertise and experi...