Update: Merian Chrysalis trust caps fee for first 12 months

First day of dealing today

The Merian Chrysalis Investment Company - the first trust launch from Richard Buxton's Merian Global Investors - has announced it will cap certain charges as it embarks upon its first day of dealing.

In a statement, the board said the the investment manager has agreed to cap the investment company's ongoing charge expense ratio at 0.85% for the next 12 months or until the NAV reaches £200m, whichever occurs earlier, to "provide certainty to investors" This fee structure will be subject to review at the end of the 12 month period. The board previously indicated the trust will have an ongoing management fee of 0.5% per annum of its net asset value (with no fee on uninvested cash until 90% of IPO proceeds are deployed).  There will also be a performance fee of 20% of returns in ex...