The Board of The Monks Investment Trust has announced a change in the calculation of its management fee, with the introduction of a second tier and the calculation to be based on total assets (the total value of all assets held less all liabilities, other than any liability in the form of debt intended for investment purposes).
With effect from 1 May 2017 the annual management fee payable to the Company’s Investment Managers and Secretaries, Baillie Gifford & Co Limited, will be as follows: 0.45% on the first GBP750m of total assets and 0.33% on the remaining total assets. The fees are calculated on a quarterly basis.
“I am delighted that we have entered into a tiered management fee arrangement with Baillie Gifford which ensures that shareholders benefit from economies of scale. In the last financial year the Company’s ongoing charges were 0.59% and this new arrangement should help ensure that the ongoing charge remains highly competitive against other funds.” – James Ferguson, Chairman of The Monks Investment Trust PLC
MNKS : Monks adopts tiered fee