Fidelity International drops fulcrum fees following muted demand from retail investors
Fund group also announced on Tuesday a cut in the OCF of its passive multi-asset range
Fidelity is scrapping the variable fee share class across five of its Oeics after a lack of demand saw assets dwindle, while also cutting the cost of its passive multi-asset range.
The asset manager’s fulcrum fee share class – W-Variable Management Fee (W-VMF) – was introduced across five of its UK-domiciled Oeics in July 2018 in response to the growing debate around the value of active fund management.
It came after the Financial Conduct Authority’s asset management study in 2016 found little innovation when it came to fee structures and significant clustering around an arbitrary figure of 0.75%.