Last checked at 12 Jan 2022 15:15
Polar Capital Technology Trust plc (the "Company")
Legal Entity Identifier: 549300TN1O5392UC4K19
12 January 2022
Reduction in base fee arrangements with the Manager
The Board has now concluded its three-yearly review of the base management fee, in accordance with the terms of the Investment Management Agreement with Polar Capital LLP (the "Manager")
The Board has agreed with the Manager a new tiered base management fee which will become effective from 1 May 2022, the start of the next financial year.
Current fee arrangements
The current base management fee is structured over four tiers:
Tier 1: | 1.00% on NAV up to £800m |
Tier 2: | 0.85% on NAV between £800m and £1.6bn |
Tier 3: | 0.80% on NAV between £1.6bn and £2.0bn |
Tier 4: | 0.70% on NAV above £2.0bn |
New fee arrangements
The tiering of the base fee has been simplified and lower rates agreed. The impact of this change is to reduce the blended ongoing management fee at current asset levels from 0.81% to 0.75%
The amended base management fee will be structured over three tiers:
Tier 1: | 0.80% on NAV up to and including £2bn |
Tier 2: | 0.70% on NAV between £2bn and £3.5bn |
Tier 3: | 0.60% on NAV above £3.5bn |
There are no changes to the performance fee arrangements which were last reduced for the financial year beginning 1 May 2019
For further information please contact:
Sarah Bates | Mark Bloomfield | Ed Gascoigne-Pees |
Chair | Stifel - Corporate Broker | Camarco |
Tel: 020 7354 4229 | Tel: 020 7710 7600 | Tel: 020 3757 4984 |