JP Morgan Asset Management will slash the fees on one of its UK funds – a move that comes a week after a UK regulatory review slammed active managers for only offering "limited price competition".

JP Morgan, which manages $1.7 trillion in assets, confirmed in a statement on November 28 that it was cutting the fee of its Life Diversified Growth fund by 47% from 75 to 40 basis points. Though comparatively small, the fund is one of JP Morgan's core offerings for defined-contribution pension schemes in the UK.