Twenty trusts cut fees since start of 2014 as OEICs go clean

Twenty investment trusts have scrapped performance fees so far this year as pressure from open-ended rivals causes boards to take action.

The Association of Investment Companies (AIC) said 19 trusts have removed their performance fees entirely since 1 January, while 20 trusts have reduced ongoing charges more generally. The reductions come amid a shift to clean pricing - and in some cases cheaper-still preferential pricing - for OEICs and unit trusts. Ian Sayers (pictured), director general of the AIC, said it is "encouraging" to see the scale and pace of change across the industry. The AIC added the average discount across the sector is at a record low of 3.3%, while overall industry assets are at an all-time high o...