Finsbury Growth and Income Trust, managed by veteran fund manager Nick train, has announced amendments to the fee arrangements for:
- the Company’s Alternative Investment Fund Manager (Frostrow Capital LLP); and
- the Company’s Portfolio Manager (Lindsell Train Limited).
The changes come into effect immediately.
Frostrow Capital’s fees
Frostrow Capital LLP will receive an annual fee of 0.15% of the Company’s adjusted market capitalisation up to a value of £1 billion, such fee reducing to 0.135% per annum of the amount of the Company’s adjusted market capitalisation in excess of £1 billion up to a value of £2 billion, such fee to reduce to 0.12% per annum of the amount of the Company’s adjusted market capitalisation in excess of £2 billion. The Company’s adjusted market capitalisation at the close of business on 25 July 2019 was £1.81 billion, which, all things being equal, suggests a fee in the region of £2.594m per annum payable to Frostrow Capital.
Lindsell Train Limited’s fees
Lindsell Train Limited will receive an annual fee of 0.45% of the Company’s adjusted market capitalisation up to a value of £1 billion, such fee reducing to 0.405% per annum of the amount of the Company’s adjusted market capitalisation in excess of £1 billion up to a value of £2 billion, such fee to reduce to 0.36% per annum of the amount of the Company’s adjusted market capitalisation in excess of £2 billion. As per the above, the Company’s adjusted market capitalisation at the close of business on 25 July 2019 was £1.81 billion, which, all things being equal, suggests a fee in the region of £7.781m per annum payable to Lindsell Train Limited.