Management fee down from 0.7% to 0.35%
Also downgraded US growth for 2017 and 2018
Responding to greater regulatory pressures
Newly promoted Burn to co-manage fund
'Significant' Brexit transitional deal needed
Higher stakes and limited options
Will negotiate for transition period
Sandro Pierri joins as global head of client group
Inevitable recession will wreak 'havoc'
Along with two other appointments