The board of the £205m Schroders UK Cap investment trust has announced a cut in the annual charge paid by investors.
In a statement accompanying the annual results of the trust, covering the year to September 30, the board announced a new tiered fee structure.
This mean Schroders will receive a fee of 0.65 per on the first £250m of assets in the trust, a reduction of 0.05 per cent on the previous fee level.
If the assets of the trust increase above £250m then the management fee on the sum above £250m falls to 0.6 per cent.
The new fee structure follows in the wake of Baillie Gifford, which cut the fees on four of its trusts on Decemmber 17.
The trust is managed by Andy Brough.
He said the pace of disruption experienced by many high street stores remains a major theme in the UK mid cap part of the market, but added that Brexit uncertainty has not created a "dire" situation among UK mid cap companies.
He said: "UK growth has strengthened, and the country's fiscal position is improving, allowing for a small fiscal stimulus in the Autumn Budget.
"Despite their depressed levels of confidence in the outlook, UK consumers are continuing to increase their spend on areas such as pet care and casual dining.
"Furthermore, UK consumers should benefit from the increased basic tax rate threshold in the Budget, paired with real wage inflation."
Mr Brough is an advocate of the UK leaving the European Union.
The trust has lost 15 per cent over the past year to date, compared with a loss of 6 per cent for the average trust in the AIC UK All Companies sector in the same time period.
david.thorpe@ft.com
