Third pricing tier introduced on £1.7bn Monks trust AMC

Added 0.3% level

The board of the Monks Investment Trust, managed by Baillie Gifford's Charles Plowden, has amended how it calculates its management fee by introducing a third tier for assets over £1.75bn.

With effect from 1 May, there will be three stepped tiers of annual management fees rather than two.  For the first £750m of assets there will be a 0.45% fee, for the next £1bn there will be a 0.33% fee and on further assets 0.3%. These are calculated on a quarterly basis.  The move comes around a year after the first move to two tiers which, at the time, Baillie Gifford said would reduce the ongoing charge by 4bps.   Tiered approaches are also in place on the firm's £733m Baillie Gifford Japan trust and £403m Edinburgh Worldwide investment trust.  James Ferguson, chairman of th...