Edinburgh trust offers first performance fees to capture Woodford

The Invesco Perpetual star manager takes over the trust after six years of Fidelity management. Under the agreement, Invesco Perpetual will be paid a management fee and a performance fee. Management fees will be 0.6% of the market cap of the fund - currently equivalent to about 0.45% of total assets. The trust and Invesco Perpetual have also agreed a target that the NAV (with debt at par) should outperform the FTSE All-Share Index (Total Return) by 1.25% per annum on a three year rolling basis. If this target is achieved, Invesco will additionally receive a performance fee of 15...