BlackRock has scrapped the performance-related fee on its £280.84m Absolute Return Bond fund in order to better align the fund with its sector.
A BlackRock spokesperson said the majority of comparable funds in the Investment Association’s Targeted Absolute Return sector did not have the fee.
The 10 per cent fee was scrapped last Friday, August 14.
The spokesperson added: “We are constantly reviewing our funds to ensure they best reflect the needs of our clients and are aligned to the sector they sit within. In light of this, we have decided to remove the performance fee for the fund.”
Run by Ian Winship, the portfolio has returned 0.1 per cent over the past year and 3.2 per cent over the past three years, according to FE Analytics.
