In a stock exchange notice today (18 July), the £420m investment trust said the key changes included a reduced hurdle rate, a fee cap, a high watermark provision and offsetting underperformance against future fees.
The hurdle rate, defined as the level of outperformance of the benchmark index at which a performance fee may be payable, will be reduced from 10% to 2%, while underperformance periods will now be accumulated and offset against potential future performance fees.
Pershing Square Holdings manager slashes performance fee as Ackman eyes US launch
If the combined base and per…
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