LGIM raises management fee on £2.3bn UK Property fund

Reflects costs of running fund

Legal & General Investment Management has increased the annual fund management fee on its £2.3bn UK Property fund from 1.42% to 1.5%, with effect from March.

The new charging level will take effect from 7 March next year and all unit-holders will be notified of the change in January. The fund management fee, which is equal to the ongoing charges figure (OCF), will increase from 1.42% to 1.50% on the retail share class, and from 0.63% to 0.75% on the institutional share class. The increase reflects the costs of running an open-ended fund in an illiquid asset class, the group said. Honor Solomon (pictured), head of retail distribution EMEA at LGIM, said: "Investors are attracted to the high quality investments and rigorous processes adopt...