Fidelity's Clougherty tips multi-asset funds for 'exponential' growth

Fidelity cut fees on its £1bn AUM, five-strong Multi-Asset Allocator range in May from 0.25% to 0.2%, with the firm wagering that it can compete with industry giants in attracting growing inflows to the sector.  "To compete with the likes of BlackRock and Vanguard, we decided we had to be aggressive on price," Clougherty told PA's sister title Investment Week.  "This is an area of the market that will grow exponentially. Advisers need low-cost, 'fire and forget' solutions for smaller clients or clients that do not want the full advice service." More than £22bn of assets languishing...