Invesco Perpetual has announced a reduction in fees on its Invesco Perpetual Select Trust UK Equity and Global Equity Income strategies.
The £150m Invesco Perpetual Select Trust, which has four share classes offering exposure to a range of strategies, will see the base management fee on its UK and global equity strategies reduce from 0.65% to 0.55% per annum.
Meanwhile, the maximum performance fee payable in any one year will reduce from 0.65% of net assets pa to 0.55%.
The UK equity strategy (£70m) is managed by James Goldstone and is currently trading on a discount of 1%, while the Global equity portfolio (£65m) is managed by Nick Mustoe (pictured) and is trading on a 1.2% discount.
The performance fee is unchanged for both share classes at 12.5% of NAV total returns over the benchmark plus a 1% per annum hurdle, subject to a high water mark, with any under- or overperformance carried forward.
Ongoing charges for the UK and Global Equity Income portfolios in 2016 were 0.96% (1.57% with the performance fee) and 0.95%, respectively.
There are no changes to the fees payable on the other two share classes: Balanced Risk and Managed Liquidity portfolios.
Investors can switch between share classes quarterly without triggering capital gains liability.
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