LGIM launches drawdown product to plug post-Budget gap

The retirement income multi-asset fund targets a return of the Bank of England base rate plus 3.5% over a full market cycle - typically between five and seven years. Fund manager Martin Dietz said the industry was caught off guard when the flexibilities were announced in March, but said LGIM had already been working on a drawdown solution for one of its clients. "One our very big clients had asked us to think about a drawdown solution sometime before that announcement. We had actually already started working on a fund like that which meant we could speed up that process when the ann...