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View the article online at http://citywire.co.uk/wealth-manager/article/a730692

Edinburgh Investment fee cut as board appoints Barnett

by David Campbell on Jan 28, 2014 at 07:58

Edinburgh Investment fee cut as board appoints Barnett

Mark Barnett will assume management of Neil Woodford’s £1.11 billion Edinburgh Investment trust following the latter’s move to Oakley Capital, the trust’s board has announced.

The board and Invesco Perpetual have agreed a flat fee of 0.55% a year and a £7.5 million reduction in the upper limit of any performance payment to mitigate the portfolio transition, it added.

Chair Jim Pettigrew said:  ‘Mark shares the same active, value-driven investment approach and long-term focus as Neil Woodford and comes to us with an excellent track record built up over many years of managing money.

He has worked alongside Neil for 17 years as part of the UK equities team at Invesco Perpetual, where he will take over as head of UK equities when Neil leaves.

With Mark's expertise, management continuity and lower cost, we believe these new management arrangements are an excellent outcome for the company and shareholders."

2 comments so far. Why not have your say?

Keith Cobby

Jan 28, 2014 at 08:44

Edinburgh IT and Perpetual Income & Growth IT may as well be merged now that Mark Barnett is managing both trusts.

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Whatever the weather

Jan 28, 2014 at 13:52

You can through Keystone IT in there too.

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