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Edinburgh Investment fee cut as board appoints Barnett

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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."

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