Martin Currie Global Portfolio trust scraps performance fee

Shift to two-tiered system

Martin Currie Global Portfolio trust has scrapped its performance fee in favour of a new, two-tiered management fee.

From 1 February 2021, the performance fee will no longer apply, although the estimated 1.06% fee for the financial year ending 31 January 2021 is still due. Legg Mason's Osmani shuns FAANGs to outperform US market The outgoing performance fee would see a charge of 12.5% of the total outperformance capped at 1% of the net asset value (NAV) if outperformance exceeded 1%. A new management fee will result in a charge of 0.5% on the company's first £300m NAV excluding income, and a reduced 0.35% fee to assets exceeding £300m, as opposed to the former blanket 0.4% management fee. The ...