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.”
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.