The JPMorgan Global Emerging Markets Income Trust has become the latest trust to drop its performance fee.
The investment trust, which is run by Richard Titherington and Omar Negyal, had charged a performance fee of 10 per cent.
But following a review of its fee arrangements the board has agreed with manager JPMorgan Funds to remove the performance fee element from its fee arrangements and “to change the basis of the management fee from the end of the company’s current financial year” which is July 31 2015.
From August 1, the trust’s fee arrangements will comprise only a management fee charged at 1 per cent per annum on the company’s total assets less current liabilities.
The JPMorgan Emerging Markets investment trust and the JPMorgan Chinese trust have both confirmed they will remove their respective performance fees.
In the year to June 18, the trust recorded a total return loss of 4.91 per cent, compared to the MSCI Emerging Markets index’s gain of 2.33 per cent, according to FE Analytics.
