P2P Global Investments cuts fee on leveraged assets

Effective from 30 June

In its monthly update released today, the £727m P2P Global Investments trust announced its decision to waive a portion of its management fee.

The company, which previously charged a base management fee of 1% on gross assets, will now charge 1% on net assets, with leveraged assets charged at 0.5%. It will continue to charge a performance fee of 15% of NAV returns, subject to a high watermark. It has also agreed not to charge any fees on cash balances until they return to less than 10% of assets, in order to limit the impact of cash drag seen following the UK's decision to leave the EU.  The depreciation of sterling forced the trust to hold significant cash on its balance sheet to "ensure any margin calls could be comfortably...