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Fee hike confirmed on £630m Bankers Investment Trust
by Robert St George on Oct 25, 2013 at 12:17
The £630 million Bankers Investment Trust , managed by Henderson’s Alex Crooke (pictured), has confirmed it will increase its fees from 1 November.
The trust had hitherto charged 0.4% a year, which will now rise to 0.45%. The fund’s ongoing charges ratio for 2012 was 0.42%.
Bankers dropped its performance fee from 1 January 2013, simplifying its cost structure to the single 0.4% charge; it had been 0.3% plus the performance fee based on rolling three-year results.
However, the Bankers board warned that it ‘expected’ this to climb to 0.45% later in the year ‘subject to review’.
The trust argued at the time that the higher rate nevertheless ‘remains one of the lowest in the Global Growth sector, and indeed amongst all investment trusts’. The current average ongoing charge in the sector is 0.71%.
Bankers has returned 34.2% over the past year, compared with an average of 26.9% from its peer group.
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