Update: Monks IT cuts AMC and adopts tiered approach

Effective from 1 May

Baillie Gifford's £1.3bn Monks investment trust is the latest of the group's investment company range to reduce its management fee.

The trust, which is managed by Baillie Gifford's joint senior partner Charles Plowden (pictured) will see its annual management fee take on a tiered approach based on total assets. The first £750m of AUM will continue to incur a charge of 0.45%, while assets beyond this figure will have a reduced fee of 0.33%. Fees will be calculated and levied on a quarterly basis. Under the new arrangement, which will be effective from 1 May, the group expects the ongoing charge to be reduced by 4 basis points or by around £500,000. The ongoing charge for the company's last financial year to 31 A...