Legal & General Investment Management (LGIM) has announced the launch of the L&G UK mid cap index fund, which tracks the performance of the FTSE 250 ex.
The traditional FTSE 250 Index houses a number of investment trusts that can be invested in a wide range of different asset classes, geographies and adopt a variety of investment strategies.
By tracking the index, the fund excludes these investment trusts and provides an index solution that focuses on UK listed businesses.
The fund, which is provided by Legal & General (Unit Trust Managers) with assets managed by LGIM, will be available on all major intermediary platforms and has an Ongoing Charges Figure (OCF) of 0.14%.
“We are committed to offering our investors broad, low-cost exposure across a broad range of asset classes, and we are pleased to expand our market-leading range of high-quality index funds,” said Simon Hynes, head of UK Retail Distribution at LGIM.
“Index funds currently represent 13.4% of all IA retail mutual funds under management – up from 11.5% in November 2015 – and this is expected to climb further as investors continue to seek cost-efficient market exposure. We are seeing increasing demand from advisers and wealth managers in particular, who are looking to build diversified, cost-efficient portfolios for their clients,” Hynes said.
