The board of the £94m Baring Emerging Europe investment trust has removed a 10 per cent performance fee previously charged by the product.
Under the previous arrangement a 10 per cent fee could be charged on the amount the change in the company’s NAV per share, on a total return basis, exceeded that of its benchmark index.
This has been removed, with the change coming into effect at the end of March.
The board added: “As at 31 March 2016 a performance fee of £63,479 had been earned following a period of outperformance and we have agreed with Barings that this will be paid.
“There is no change to the basic investment management fee which is calculated monthly and payable at an annual rate of 0.8 per cent.”
According to FE Analytics over three years the trust, which is managed by Matthias Siller, shed 26.2 per cent, compared with the AIC European Emerging Markets sector which declined by 20.4 per cent.
