The company, setting out post Retail Distribution Review Sunset Clause share class strategy, has determined that it will be reducing the annual management charge for Class A shares, which are available to retail and institutional investors, with effect from 1 April.

For fixed income funds, the AMC will be reduced by between 0.40% and 0.45% for Class A shares, depending on the sub-fund, and the initial charge for subscriptions will no longer apply.

For equity funds, Legg Mason said the AMC will be reduced by 0.50% for Class A shares and the initial charge for subscriptions will no longer apply.

Adam Gent, head of UK sales, said: “With the advent of the RDR sunset clause, we have taken the decision to review fees because we believe that it is the best thing to do for our clients.

“With the considerable reduction in our fee levels, it will provide a more competitive fee structure for our clients. Our aim is to make sure that investors continue to receive value for money from our UK based fund range.”

The global asset management firm had $671.5 billion in assets under management as of December 31, 2015.