9th Jun 2016 09:30
LONDON (Alliance News) - JPMorgan Claverhouse Investment Trust PLC on Thursday said changes are being made to its investment management fee arrangements in a move to help attract private wealth and retail investors.
With effect from July 1, the performance fee will be terminated and the management fee will be charged at an amended annual rate of 0.60% of the company's net assets on the first GBP500 million, and 0.50% of net assets above that amount.
Carried forward performance fees accrued in calculating the investment trust's net assets as of June 30 will be paid out in full. As of June 6, the estimated accrued performance fee was about GBP976,000.
Previously, the management fee was charged at the annual rate of 0.55% of the value of the investment trust's value by market capitalisation, and then proportionately reduced by the value of any investments on which JPMorgan Asset Management earns a management fee.
A performance fee was payable based on 15% of the difference between the investment trust's net asset value total return for the year and the benchmark, as inflated by a hurdle of 0.5%, calculated in absolute terms and applied to the trust's gross assets.
Shares in JPMorgan Claverhouse, which aims to generate capital and income growth from UK investments, were down 1.7% at 560.00 pence Thursday.
By Samuel Agini; [email protected]; @samuelagini
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