Legal & General will make its first foray into the multi-manager market after snaring Bradford & Bingley's £400m mandate from Axa Framlington.
L&G will launch two new funds, the Multi Manager Growth trust and Multi Manager Income trust, on 25 April.
First-time managers Alan Thein and Tim Gardner will jointly run the new offerings.
“We believe we have an innovative multi-manager approach, with only a 1% annual management charge and performance charges if we can outperform the benchmark and also our high watermark,” L&G spokesperson Mike Connolly says.
“We think this multi-manager proposition is aligned with the risk requirements and needs of Bradford & Bingley customers.”
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