Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter