The board of the Schroder Income Growth fund, listed on the London Stock Exchange, has announced a new co-manager, alongside measures to enhance shareholder returns, including a cut in fees.
Matt Bennison (pictured) has been promoted to co-manager to work alongside head of UK equities Sue Noffke on the fund, effective immediately. Bennison has worked on the fund for eight years and is also co-manager of the Prime UK Equity strategy. He has worked at Schroders since 2012, and with Noffke on the Schroders UK prime team since 2015.
“The appointment reflects our commitment to strengthening the company’s investment management team and ensuring continuity in our strategy to deliver long-term value for shareholders,” a statement said.
The board also said the Schroder Income Growth fund’s investment management services fee will be reduced from 0.45% to 0.40% effective from 1 September 2025. Furthermore, these fees will be charged on the lesser of market capitalisation or NAV of the company, and the board has also abolished the separate fee for secretarial and administration services.
The positive effect of these moves, the statement said, will be an annual cost reduction of over £300,000, at an assumed prevailing 10% discount to NAV, or 0.4p per share.
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Additionally, the company is looking to reduce volatility in the discount of share price to NAV by “adopting an increasingly active attitude” and maintaining the discount within a single-digit range.
“This best reflects the underlying strength of the portfolio and is in the shareholders’ long-term interests.”
Earlier this year, the board of the Schroder UK Mid Cap fund has announced a slew of measures to improve consistency of performance and promotion of the investment trust.
On 26 March, the board said it is introducing a continuation vote, a fresh buyback policy and a reduction in the management fee.