The Board of Finsbury Growth & Income Trust has announced the following amendments to the fee arrangements with its Alternative Investment Fund Manager (Frostrow Capital LLP) and Portfolio Manager (Lindsell Train Limited). The basic idea seems to be to introduce a tiered fee as the market cap. of the fund nears £1bn.
With effect from 11 October 2016 the following fee arrangements with Frostrow Capital LLP and Lindsell Train Limited have been agreed:
Frostrow Capital LLP will receive an annual fee of 0.15% of the adjusted market capitalisation up to a value of GBP1 billion. This reduces to 0.135% per annum of the amount of the adjusted market capitalisation in excess of GBP1billion. The fixed fee of GBP70,000 per annum payable to Frostrow Capital LLP will cease to be payable with effect from 1st October following the date at which the adjusted market capitalisation attains a level of GBP1 billion.
Lindsell Train Limited will receive an annual fee of 0.45% of the adjusted market capitalisation up to a value of GBP1billion. This fee reduces to 0.405% per annum of the amount of the adjusted market capitalisation in excess of GBP1billion.
FGT : Finsbury Growth & Income amends fees