Fidelity International has reduced the Ongoing Charges Figure (OCF)  from 0.25% to 0.2% across its Fidelity Multi Asset Allocator fund range.

Consisting of five funds with just over £1bn in AUM, the Fidelity Multi Asset Allocator range offers investors broad-based and diversified exposure to global markets

The range includes the Fidelity Multi Asset Allocator Defensive fund, Fidelity Multi Asset Allocator Strategic fund, Fidelity Multi Asset Allocator Growth fund, Fidelity Multi Asset Allocator Adventurous fund and the Fidelity Allocator World fund.

Lead portfolio manager, Chris Forgan, categorises investments into two groups, growth and defensive, allocating to each according to the risk profile of each fund. The lower-risk funds in the range have a greater exposure to defensive assets such as fixed income, and moving up the risk spectrum, each fund will take on a greater allocation towards growth assets such as global and emerging market equities.

Commenting on the fee reduction, John Clougherty, head of Wholesale, Fidelity International, said:"For investors who don't necessarily have time or expertise to do their own investment research, diversified strategies which invest to deliver cost-effective long-term exposure to markets can be an attractive option. The Fidelity Multi Asset Allocator range has been designed with this in mind to deliver a simple and low-cost range of products with differing risk appetites.

"At Fidelity International, we are passionate about giving our clients both choice and value, as we recognise that every penny invested helps individuals and families achieve their financial goals. Our Multi Asset Allocator range was already a low-cost solution, but I'm pleased we can go further for clients by reducing fees."

Fidelity International currently manages total client assets of $739.9bn.