LONDON (Alliance News) - Perpetual Income and Growth Investment Trust PLC Wednesday said it has agreed with its manager, Invesco Fund Managers Ltd, to reduce its fees.
Under the agreement, the base fee is to change to 0.6% per annum from 0.75% per annum on the first GBP500 million of assets under management and 0.4% thereafter.
The performance fee cap will be reduced to 0.5% from 0.75% of year end assets under management.
"The directors have the highest regard for Mark Barnett, our portfolio manager, and his performance record speaks for itself, but we also recognise our obligations to shareholders in a competitive market place. Fees and expenses remain, as always, a focus of attention for the board," Chairman Bill Alexander said in a statement.
Perpetual Income And Growth Investment Trust shares were Wednesday quoted up 1.0% at 373.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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