Performance fee for Gartmore Fofs

group to introduce performance related fee on high alpha fofs launching on 30 september

Gartmore is to introduce a performance-related fee on the two high alpha funds of funds (Fofs) it is launching on 30 September 2004. The Gartmore Portfolio UK High Alpha Strategy and Global High Alpha Strategy funds, which form part of a suite of four Fofs the group is launching for Bambos Hambi and his team, will carry a performance fee that relates to their annual quartile ranking. After paying an annual management charge (AMC) of 1.5% for the Fofs in the first 12 months, investors will thereafter pay an AMC of some 1.75% for first-quartile performance, 1.5% for a second-quartile ranki...