JPMorgan Smaller Companies announces fee cut – The board of JPMorgan Smaller Companies Investment Trust has announced that, following a review, the company’s investment management fee arrangements with JPMorgan Funds Limited (‘JPMF’) will change.
With effect from 1st August 2019, the annual investment management fee, currently 80bps (basis points, equivalent to 0.8%) a year on gross assets up to GBP200 million and 70bps on gross assets over GBP200 million, will be charged at an annual rate as detailed below:
- 75bps on the first GBP200 million of gross assets; and
- 65bps on gross assets in excess of GBP200 million.
Board to shrink
The chairman, Michael Quicke, commented: “This reduction in management fees reflects a general trend across the market and follows constructive discussions with the manager. Other than when required for succession purposes, the board has also decided to have four rather than five directors following my retirement at the AGM this year. These changes will reduce ongoing charges and should make the company more attractive for investors.”
JMI : JPMorgan Smaller Companies announces fee cut