The BlackRock Income & Growth Investment Trust has become the latest closed-ended fund to cease charging a performance fee.
The trust had imposed a 15% performance fee, but from 1 July it will charge only 0.6% of market capitalisation per year.
‘The board is mindful of the impact of the retail distribution review on fund charges and the desire to make these charges as simple and transparent as possible,’ commented trust chair Jonathan Cartwright.
No performance fee was accrued for the year ended 31 October 2013, but one of £38,000 was paid in the previous year.
Since the end of that reporting period, its net asset value has risen by a further 1.2% while the index has gained 0.7%.