First State adds P share class to Oeic

First State Investments is launching a P share class to its Oeic on which annual management charges will be varied according to performance. The group's Fee Adjusted Product (FAP), which has been introduced on its Global Opportunities Fund, effectively lowers the annual management charge when the fund underperforms its peers. The fee is adjusted on a monthly basis. At each point the fee will be calculated at a rate of 1%, 0.75%, 0.4% or 0% per annum depending on whether rolling 12-month performance is first, second, third or fourth quartile. Lipper figures will be used to calculate th...