The Board of BH Macro has announced that the company and its manager, Brevan Howard Capital Management LP, have agreed that the Manager will waive its entitlement to a management fee in respect of any performance-related growth of the Company from 3 October 2016 onwards.
In addition, Brevan Howard Master Fund Limited will not charge the Company an operational services fee in respect of any performance-related growth of the company’s investment from 3 October 2016 onwards.
The performance fee payable to the Manager by the Company will not be affected by these arrangements.
In translation, it looks as though the manager will keep all the fees it was getting before, will take a performance fee on NAV appreciation but won’t charge a fee on any increase in assets that is down to performance. This is unlikely to make much difference to investors, especially if the NAV continues to fall.
BHMG / BHMU : BH Macro fee adjustment