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Norway's DNB opts for index tracking in US, European mutual funds

Norwegian lender DNB ASA will move its mutual funds to index-tracking from active management in response to the market's demand for "broad, index-based strategies," Reuters reported Aug. 14.

The change will mean a reduction in fees, DNB said, adding that the move would take effect Aug. 16. The bank's European fund has about US$100 million in assets, while its U.S. fund has about US$39 million in assets, the report noted.