Invesco Perpetual’s fund manager Mark Barnett has taken over the management of Edinburgh investment trust from Neil Woodford, who will leave the firm at the end of April this year.
The EIT trust’s board said it will cut the performance fee on the portfolio to mitigate any transition costs that may arise from the change of manager.
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The trust’s board added that it will cut the annual fee cut from 0.6% a year to 0.55% and will totally scrap the performance fee, with effect from 1 April 2014.
As part of the fee cut, the board has agreed a reduction of up to £7.5 million in the amount of any performance fee in respect of the current financial year.
From April, Mark Barnett will take over additional responsibilities including manager of Edinburgh Investment Trust’s portfolio, and of Invesco Perpetual’s income and high income funds.
An Edinburgh Investment trust statement said: "This has included careful consideration of their investment style and strategy for the portfolio, having regard to the Company’s twin investment objectives of providing a rising income and long term capital growth, and an assessment of their management resource."
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By GlobalDataJim Pettigrew chairman Edinburgh Investment Trust said: "With Mark’s expertise, management continuity and lower cost, we believe these new management arrangements are an excellent outcome for the company and shareholders."
