Woodford to charge Patient Capital performance fee for gains over 10%

The trust will charge no annual management fee alongside this charge, a move the company said will align manager Neil Woodford's interests with shareholders. WIM said the performance fee will be subject to a high watermark, meaning it will not be able to charge the fee simply when making up previous underperformance. Ongoing annual expenses are not expected to exceed 0.35%, the group added. It said 80% of the performance fee will be payable in the trust's shares, with the remainder in cash to contribute toward any tax liability of the manager arising from the payment of the fee. ...