BlackRock halves Throgmorton trust management fee; ups performance fee

Management fee down from 0.7% to 0.35%

The board of BlackRock's Throgmorton trust will halve the management fee for the £310m vehicle from 0.7% to 0.35% of gross assets per annum, as of 1 August, while also making a number of changes to its investment policy.

Meanwhile, the trust's performance fee will increase from 10% to 15% of its NAV total return outperformance of the benchmark, measured over a two year rolling basis and applied on the average gross assets over two years. However, the board will also reduce the previous 1% cap on performance fees of average gross assets over a one year period to 0.9% of average gross assets over a two year period. The changes to the performance fee will apply from 1 December. Schroders' Biermann: My approach to taking over £622m UK Dynamic Smaller Companiesfund The firm said the new fee arrangeme...