Fee structure for Securities Trust

Securities Trust adopts performance fees less than a year after listing as a reconstructed vehicle

The restructured Securities Trust of Scotland has applied a performance fee system less than a year after the vehicle listed on the London Stock Exchange. Dogged by historic poor performance, the vehicle was the subject of a hostile takeover bid from the Perpetual Income and Growth investment trust (Pigit) in the early part of last year. This resulted in the trust losing a fifth of its assets and listing as a reconstructed, but identically-named, product on 28 June. Managed by Ross Watson of Martin Currie the trust's performance fee structure, which has seen the annual management fee drop...