PRESS DIGEST- Financial Times - March 27
March 27 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Dec 28 Vanguard Group, the largest U.S. mutual fund manager, reduced fees across dozens of its index-tracking stock and bond funds, following similar moves by competitors.
The fee reductions range from five-hundredths to one-hundredth of a percentage point per year. With many of the funds already charging low fees of less than 0.20 percent Of assets, some of the reductions were the equivalent of a 20 percent fee cut.
Intense competition among managers of index mutual and exchange-traded funds has led to sharp price cutting across the industry over the past few months. BlackRock, the largest ETF manager, and brokerage firm Charles Schwab both announced price cuts earlier this year.
At Vanguard's line of broad equity sector funds, such as the firm's Consumer Discretionary ETF and Health Care ETF , fees declined to 0.14 percent from 0.19 percent. Vanguard, based in Valley Forge, Pennsylvania, posted a full list of the fee cuts at
Vanguard raised fees slightly on three actively managed equity mutual funds, including on both share classes of the $17.6 billion Vanguard International Growth Fund. Fees on the "Investor" share class rose to 0.49 percentage point from 0.47 while fees on the fund's "Admiral" class rose to 0.36 point from 0.34.
HONG KONG, March 27 Asian stocks are set to start the week on a cautious note as President Donald Trump's stunning failure to get healthcare reform passed raised concerns about the prospects for his plans to use fiscal stimulus to boost economic growth.