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Amati drops VCT performance fees

Amati drops VCT performance fees

Amati Global Investors has waived its right to performance fees on the two venture capital trusts (VCTs) it manages.

A performance fee of 20% had been applicable above both an 8% hurdle rate for each reporting period and the first 20% of return since inception.

The VCTs’ boards reported that ‘nothing was sought by the manager from the company in return and no consideration or compensation was paid in relation to the waiver’.

They concluded that following the changes ‘the Amati VCTs will be amongst the most compelling and straightforward VCT offerings available to investors’.

No performance fee had been accrued by the original £41 million Amati VCT on its year end at 28 February 2014, although its board noted that ‘a modest degree of continued performance would have meant that a performance fee would have started to accrue during the current financial year’.

On the £36 million Amati VCT 2, a fee of £152,488 had been earned for performance to 31 January 2014 while one of £1,270,968 becomes payable if performance is sustained until 31 July 2014.

Both VCTs are managed by Paul Jourdan (pictured), Douglas Lawson and David Stevenson. Amati VCT has returned 2.4% over the past three years, and Amati VCT 2 31.5%, while the FTSE AIM All Share index has lost 6.5%.

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