Foreign & Colonial IT axes performance fee

The £2.1bn Foreign & Colonial investment trust has removed its performance fee following the first review of its charging structure since 2005.

The board of the trust, which is managed by F&C's Jeremy Tigue, says it has opted to scrap the performance fee after overhauling its charging structure. The new terms will also see F&C receive 0.365% of the market capitalisation of the trust per annum. Chairman Simon Fraser says the new terms would have saved investors nearly £500,000 if they had been in place last year. "This new fee arrangement is much simpler and yet still aligns the interests between manager and shareholder as it is based on the share price," he said. "If this had been in place in 2010 we would have paid £6....