Polar Capital Technology Trust makes changes to fees as assets grow

Trust's assets nearing £2bn

The board of the Polar Capital Technology Trust has proposed a number of changes to the management fee to reflect the growing assets and strong performance of the vehicle, as well as the impact of MiFID II on the rules around research costs.

Under the new arrangement, the trust will no longer make any contributions towards research costs and will pay less in marketing costs, while it will also introduce a new lower fee tier and will amend the performance fee. Currently, the trust has a tiered management fee, with a base fee of 1% of NAV up to £800m, reduced to 0.85% on assets between £800m to £1.7bn. On 1 January 2018, a temporary lower fee of 0.80% on assets over this threshold was introduced. The board has agreed to make the third-tier fee permanent on assets above £1.6bn, while it also plans to introduce a fourth tier ...