BlackRock has scrapped the 1% initial charge for intermediaries investing in Alister Hibbert's European Dynamic fund after assets under management fell to a more manageable level.
BlackRock put the charge in place last November to stem flows into the portfolio after it reached £2bn in size. BlackRock said at the time it would also cap the fund at £2.5bn, as the group moved to protect the performance of the fund. However, the group said today it had lifted the charge following a review by its risk management and portfolio management teams. "The fund's AUM is below the August 2013 level of £1.96bn, and we have therefore approved a proposal to fully waive the preliminary charge for intermediated investors with effect from 20 August 2014," the group said in a st...
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