Manchester & London investment trust introduces tiered management fee structure

M&L Capital Management

Manchester & London investment trust (MNL) has introduced a tiered structure to the management fees payable to investment manager M&L Capital Management.

Up until now, the trust paid the manager 0.5% per annum of its net asset value, with a variable fee of 0.25% based on outperformance over a three-year period. Additionally, MNL paid £59,000 a year to M&L Capital Management for risk and valuation services in its capacity as an alternative investment fund manager. Premier Miton Global Renewables drops 'sustainable' investment objective amid SDR Under the tiered structure, the trust will pay 0.7% per annum of the NAV up to £750m; 0.5% of the NAV between £750m and £1.5bn, and 0.3% of the NAV above £1.5bn. As part of the changes, the...