Gartmore removes performance-related fees from MM offering

Gartmore has removed the performance-related annual fee structure on its Multi Manager Absolute Retur...

Gartmore has removed the performance-related annual fee structure on its Multi Manager Absolute Return fund, following difficult market conditions and third quartile returns. Currently the fund has a ratcheted AMC, ranging between 1% and 1.75% based of performance. The charge on the retail class is 1.75% but a portion can be rebated back to the fund. Since the fund launched, the average level of AMC paid has been 1.25% or higher, with the lowest 1% level only paid on three occasions. Under the amended charging structure, investors will pay a flat fee of 1.25% regardless of performance....