Up until now, the trust paid the manager 0.5% per annum of its net asset value, with a variable fee of 0.25% based on outperformance over a three-year period.
Additionally, MNL paid £59,000 a year to M&L Capital Management for risk and valuation services in its capacity as an alternative investment fund manager.
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Under the tiered structure, the trust will pay 0.7% per annum of the NAV up to £750m; 0.5% of the NAV between £750m and £1.5bn, and 0.3% of the NAV above £1.5bn.
As part of the changes, the…
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