NB Distressed Debt waives management fee on long underperforming trust

With immediate effect

NB Distressed Debt has waived its full 1.5% management fee across all three share classes, with immediate effect.

Chair John Hallam said the fee waiver "recognises that it is taking longer than expected to fully realise the company's assets due to a number of factors, including the Covid-19 pandemic". Lombard Odier IM hires Raj Davé to launch special situations strategy The trust is currently trading on a 13.9% discount and has underperformed its Debt - Loans & Bonds sector average over one, three, five and ten year on a share price and NAV total return basis, according to Association of Investment Companies data. While the sector average has returned 22.6%, 1.8%, 19.7% and 83.3% over one, thr...