Mark Barnett has taken on management of the Edinburgh Investment Trust after the board agreed to keep Invesco Perpetual as its chosen manager.
Neil Woodford had managed the trust since 2008, but following the announcement that he would be leaving Invesco in April the board of the trust had said it would review its manager options.
The board today announced that it will remain with Invesco and replace Mr Woodford with Mr Barnett as manager of the trust. Mr Barnett is also set to take responsibility for Mr Woodford’s huge Income and High Income funds when he departs in April.
The board has also renegotiated its management arrangements with Invesco, lowering the annual management fee from 0.6 per cent to 0.55 per cent and removing the performance fee.
Invesco will also waive up to £7.5m from its performance fee for the year ending March 31 2014 in order to “mitigate the portfolio transition costs”.