The £81m trust is the latest offered through Henderson to alter its fees, as with the RDR boosting investor interest in the sector, closed-end funds have to compete with Oeics, many of which now offer clean share classes.
The fund, which is managed by John Pattullo and Jenna Barnard, will keep its performance fee in place at 15% of outperformance of the company’s net asset value total return for the year over three-month LIBOR plus 1.25%.
Underperformance of the hurdle return will be carried forward yearly until the hurdle return is beaten, and the aggregate fees payable are subject to a cap, which is being cut from 1.75% to 1.50% of net assets.
