Murray Income (MUT) has announced that it has agreed a reduced and simplified investment management fee with its manager, abrdn Fund Managers Limited. With effect from 1 July 2024, the annual investment management fee is calculated as 0.35% of the company’s net assets up to £1.1bn and 0.25% of any net assets above £1.1bn. Previously, the management fee was charged at 0.55% on the first £350m of net assets, 0.45% on net assets from £350m to £450m and 0.25% on any net assets in excess of £450m. MUT’s chair, Peter Tait, commented: “I am very pleased to announce that the Board of Murray Income Trust PLC has come to an agreement with the Manager for a revised fee schedule to be applied from the beginning of the Company’s current financial year, 1 July 2024. The headline fee rate will now be 0.35% on the first £1.1 billion of net assets in the portfolio. We believe that this is a competitive fee in the universe of UK equity income funds and should prove attractive to both existing and potential shareholders.”