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Henderson raises fees on Beckett’s European trust

by Robert St George on Jul 16, 2014 at 09:38

Henderson raises fees on Beckett’s European trust

The annual management fee on the £355 million TR European Growth trust has been increased.

The fund, managed by Henderson’s Citywire + rated Ollie Beckett, has hiked its base fee from 0.5% to 0.6% of net assets.

TR European Growth has also introduced a 1% hurdle rate over its benchmark Euromoney Smaller European Companies index before its 15% performance fee begins to accrue, and reduced the cap on total fees from 2.4% to 2%.

‘The board has reviewed the company’s fee arrangements with its manager and it continues to believe that it is in the best interests of shareholders for the company to maintain a competitive base fee while continuing to link an element of the manager’s remuneration to the outperformance of the company’s benchmark, whilst seeking to reduce the maximum fees payable by the company in any one year,’ the trust stated.

TR European Growth has been the best performer in its AIC European Smaller Companies sector over the past year, returning 129% compared with a peer group average of 121%.

It also has the lowest ongoing charge, including performance fees, in the sector at 0.9% versus the average of 1.22%.

Beckett (pictured) has returned 47% through the past three years via his open-ended funds, ahead of the Citywire European Small & Medium Companies sector average of 37% for the period.

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