F&C Commercial Property Trust (FCPT) has decided to keep F&C Asset Management (FCAM) on to manage its property portfolio after a proposed merger with UK Commercial Property Trust fell through.FCAM had been given six months notice ending its contract back in June, but its F&C REIT Property Asset Management business, led by the well-respected Richard Kirby, has agreed new terms on which it will run the £620m trust.Annual management fees, including performance fees, will now be capped at 0.6% of average total assets, down from 1% before, while the base management fee goes down to 0.5% from 0.6%, and to 0.25% a year on cash net of gearing in excess of 5% of net assets."With a top quartile performance track record and a well diversified and prime property portfolio, we believe FCPT has a strong future as an independent company and we look forward to delivering value for all of our shareholders," said FCPT chairman John Stephen.