Online stockbroker AJ Bell has cut charges on its six multi-asset passive funds to 0.35%, only a month after reducing the fees on the three largest.
That represents a 30% drop in fees for its three smallest multi-asset funds, AJ Bell Passive Global Growth, Moderately Cautious and Cautious, which had carried a 0.5% charge.
Charges on the larger £46 million AJ Bell Passive Balanced fall were meanwhile cut to 0.4% last month, with the charge having dropped from 0.5% to 0.47% last summer.
Costs on the AJ Bell Passive Adventurous and Moderately Adventurous funds, both housing £30 million of assets, were also cut last month, from 0.5% to 0.44%.
AJ Bell had pledged to reduce the charges on the funds as assets grew and said this month's across-the-board were in aid of simplicity and consistency.
AJ Bell's cut of the 0.35% ongoing charges figure (OCF) is capped at 0.15%, with the remainder largely accounted for by the costs attached to the underlying exchange-traded and tracker funds the AJ Bell funds invest in.
AJ Bell chief investment officer Kevin Doran said: ‘When we launched our funds almost two years ago we put a cap on the OCF so that customers knew in advance the most they were likely to pay.
‘We also made a commitment to reducing the OCF over time as the funds grew in size. We’ve kept that promise through a series of reductions to the OCFs on three of the funds and are now in a position to apply further reductions to the entire range.
‘With the OCF now capped at 0.35%, the funds stand toe-to-toe with the cheapest multi-asset funds in the market.'