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JP Morgan trust to abandon performance fee

JP Morgan trust to abandon performance fee

The £196 million JPMorgan Mid Cap Investment Trust has become the latest fund to remove its performance fee.

Managed by William Meadon and Georgina Brittain (pictured), who has a Citywire + rating, the trust formerly charged 0.4% a year with a performance fee worth 17.5% of any outperformance over its FTSE 250 benchmark.

Now the fund will have a simplified fee structure of 0.65% a year on total assets less liabilities, excluding bank borrowings, worth up to £250 million and 0.6% a year on assets above that threshold.

‘It is felt that this new fee structure balances the need for the company’s ongoing charges to remain competitive post RDR, whilst rewarding the manager for its efforts,’ explained Andrew Barker, the trust’s chairman.

The move is the latest in a series of changes to trust’s fee arrangements, following similar action from groups including Henderson and Lindsell Train.

Over the past three years, JPMorgan Mid Cap has returned 87.6% compared with 60.6% from the FTSE 250 index.

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Georgina Brittain
Georgina Brittain
44/46 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 10.82%
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