BlackRock slashes fees on five passive funds

BlackRock slashes fees on five passive funds

BlackRock has slashed the ongoing charges figure (OCF) on five of its largest open-ended tracker funds.

On August 11, BlackRock will reduce the fees on its UK, US and continental Europe tracker funds, which have combined assets of moe than £15bn.

Tony Stenning, head of UK retail at BlackRock, said the scale of the firm’s passive business had allowed it to offer the funds “at a competitive price”.

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The two UK equity passive funds, BlackRock 100 UK Equity Tracker and BlackRock UK Equity Tracker, will see their OCF more than halved from 0.16 per cent to 0.07 per cent.

BlackRock has also reduced the OCF on its two US passive funds, BlackRock US Equity Tracker and BlackRock North American Equity Tracker, from 0.16 per cent to 0.08 per cent.

Meanwhile, the OCF on the BlackRock Continental European Equity Tracker fund will be reduced from 0.17 per cent to 0.10 per cent.