Changes to investment management fee arrangements

RNS Number : 2655R

Martin Currie Global Portfolio Tst

05 July 2022

 

Martin Currie Global Portfolio Trust plc

Legal Entity Identifier:  549300RKB85NFVSTBM94

Changes to Investment Management Fee Arrangements

With effect from 1 July 2022

The Board of Martin Currie Global Portfolio Trust plc (the "Company") is pleased to announce that the Company has agreed with Franklin Templeton Investment Trust Management Limited (the "AIFM") that, with effect from 1 July 2022, the investment management fee will be amended to 0.45% of net asset value* per annum.

Previously, the investment management fee was 0.5% per annum for the first £300m of the Company's net asset value* and 0.35% for net assets* in excess of £300m. 

Further, with effect from 1 July 2022 the AIFM has agreed that it will no longer charge a separate company secretarial fee, which in the accounting year to 31 January 2022 amounted to £56,000 plus VAT and was subject to an annual increase at the rate of UK inflation.

At the current asset value of circa £250m, the combined effect of the cut in ad valorem fee and removing the company secretarial fee amounts to a reduction of approximately 14% in annual fees, and results in a simpler cost structure.

The Board are confident that the new structure will maintain a competitive ongoing charge and contribute to increasing shareholder value.   

* For the purposes of calculating management fees, current period net income is excluded from the calculation of asset value.

For further information, please contact:

Doreen Nic

For and on behalf of

Franklin Templeton Investment Trust Management Limited

Company Secretary

 

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