The BlackRock World Mining Trust has cut the fee it pays the fund manager to 0.8 per cent of the company’s gross assets.
In a statement on Wednesday (October 21) the investment trust, which has £511m in assets, noted that the revised fee, which includes all services provided by BlackRock, was effective as of October 1 2015.
It follows an initial change in the management fee announced in its final results this March, which introduced a tiered system.
From July 1 2015 the trust changed from a flat investment management fee of 1.3 per cent to a 1.2 per cent fee on the first £500m of gross assets, then 1 per cent on the next £500m and 0.85 per cent on gross assets over £1bn.
At the time broker Canaccord Genuity suggested that the level of cuts did not go far enough and represented a reduction of just 12.5bps to the annual fee.
The latest change reintroduces a flat fee charging structure.
