Schroders and Montanaro trusts cut fees as price pressure continues

Two more investment trusts have cut their fees in a move analysts are pinning on increasing pressure from open-ended funds.

The £187m Schroder Japan Growth trust run by Andrew Rose (pictured), which currently has a fee structure 1.0% up to the first £150m of assets and 0.95% thereafter, will reduce this to 0.75% up to the first £200m of assets and 0.65% thereafter from 31 July. Meanwhile, the £90m Montanaro European Smaller Companies trust has removed a performance fee of up to 2%, while reducing its base fee from 1.0% to 0.9%, effective as of today. The cut takes the number of trusts who have reduced their fees since the start of 2013 to 15, according to broker Numis. "We believe [trusts] targeting ret...