Kames Capital is to waive the performance fee on its £65m UK Equity Absolute Return fund for the rest of the year, and will cut it in half from 2013 onwards.
The fee, applicable when the fund outperforms the Bank of England base rate, will be scrapped from 2 April until 31 December 2012, and reduced from 20% to 10% of outperformance as of 1 January 2013. The fund, managed by David Griffiths and David Pringle since launch in February 2010, has returned 4.5% over the year to 16 March versus an IMA Absolute Return sector average of 1.1%, according to Morningstar. "The fund has got off to an excellent start over its first two years and we believe this incentive will help to continue that momentum," said Kames head of retail sales Steve Kenny. ...
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