AJ Bell has cut annual charges on its six-strong range of passive multi-asset funds, shortly after cutting fees on three of the portfolios in January.

The ongoing charges figure (OCF) for all of the funds – which together now hold around £150 million in assets – has been capped at 0.35%, with the investment platform’s annual management (AMC) charge remaining fixed at 0.15%.

This represents a reduction of 15 basis points to the charges of three of the funds in the range, launched in 2017 ago with an OCF of 0.5%.

The decision comes just one month after fees on the AJ Bell Passive Moderately Adventurous and AJ Bell Passive funds were reduced to 0.44% and the charge on the AJ Bell Passive Balanced fund was cut to 0.4%.

A spokesperson for the firm said that the previous cuts were 'automatic' due to the range's pricing structure, in which any cost reductions outside of the AMC but within the OCF are passed on to consumers.

They added: 'We’ve now got to the point where we are able to reduce the OCFs for all funds so they are once again at a consistent level. It just makes it easier for people to understand and use the range.'

AJ Bell chief investment officer Kevin Doran said the move to was taken in line with a previous commitment to cut charges on the funds as they grow in assets.

He added: 'With the OCF now capped at 0.35%, the funds stand toe-to-toe with the cheapest multi-asset funds in the market. 

‘Offering true multi-asset exposure and an unfettered approach to investment selection, we make the same low price available to all investors, regardless of which platform they use and irrespective of whether they’re advised or not.’

The OCF changes for the range are shown below:

Fund Old OCF cap New OCF cap
AJ Bell Passive Cautious 0.50% 0.35%
AJ Bell Passive Moderately Cautious 0.50% 0.35%
AJ Bell Passive Balanced 0.40% 0.35%
AJ Bell Passive Moderately Adventurous 0.44% 0.35%
AJ Bell Passive Adventurous 0.44% 0.35%
AJ Bell Passive Global Growth 0.50% 0.35%