Multi-asset  

M&G scraps performance fee on Episode fund

M&G has raised the annual management charge on its £21m Episode Defensive fund and removed its 10 per cent performance fee.

Following a review of charging structures the fund’s unbundled share class on platforms now charges 0.5 per cent, compared with 0.45 per cent previously.

A spokesperson for M&G said: “By removing the performance fee and increasing the annual management charge it will help the fund to remain competitive versus its peers.”

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The spokesperson added that no changes had been made to the M&G Episode Macro fund, which charges a 20 per cent performance fee subject to a ‘high water mark’. None of the other three funds in the multi-asset Episode range charge a performance fee.

Since the launch of the Episode Defensive fund - which is managed by Eric Lonergan - in September 2012, it has gained 1.3 per cent, according to FE Analytics.