Martin Currie Global Portfolio Trust plc
Legal Entity Identifier: 549300RKB85NFVSTBM94
Changes to Investment Management and Performance Fee Arrangements
5 April 2018
The Board of Martin Currie Global Portfolio Trust plc ("the Company") announces that, following a review, the Company's investment management fee and performance fee arrangements with Martin Currie Investment Management Limited ("the Investment Manager") have changed.
With effect from 1 February 2018, the investment management fee will be reduced from 0.50 per cent. to 0.40 per cent. per annum of the Company's net asset value (excluding income), calculated and payable quarterly.
The Investment Manager will continue to be entitled to a performance fee on a revised basis with effect from 1 February 2018 should certain criteria be met. The updated key terms and related definitions of the calculation of the performance fee are summarised below.
· If the cumulative performance over the relevant period is less than or equal to 1 per cent. then no performance fee is payable.
· If the cumulative performance over the relevant period is greater than 1 per cent., a performance fee is payable which is based on 12.5 per cent. of the cumulative performance during the period from 1 February 2018 to 31 January 2020 and, thereafter, during the final year of any subsequent relevant period. This fee rate replaces the previous rates of 15 per cent. if the Company's net asset value increased and 7.5 per cent. if it reduced over the final year.
· The maximum performance fee payable in any relevant period remains 1 per cent. of the Company's net asset value as at the last day of the relevant period.
Definitions for performance fee
"relevant period" means from 1 February 2018 to the later of 31 January 2020 and the end of the first financial year in respect of which a performance fee is payable and, thereafter, from 1 February following the last financial year in respect of which a performance fee was paid, to the end of the current financial year.
"cumulative performance" means the percentage change in the Company's net asset value per share adjusted for the impact of share buy backs and issues of ordinary shares out of treasury, less the percentage change in the capital performance of the FTSE World Index, the Company's benchmark over the relevant period.
The Company's net asset value for this purpose is the Company's total assets (excluding income) less any liabilities it has, before any accrual for performance fee and adjusted for the impact of share buy backs and issues of ordinary shares out of treasury.
For further information, please contact:
For and on behalf of
Martin Currie Investment Management Limited
0131 229 5252
This information is provided by RNS