Mark Barnett joined Invesco in 1996 and has managed their UK Strategic Income fund which has returned over 60% in the past 3 years.
The Board has agreed amendments to the Company's investment management agreement including changes to the management fees which from 1st April 2014 will comprise a flat rate fee of 0.55% per annum of market capitalisation with no performance fee. The Board has also agreed with the Manager a reduction of up to £7.5 million in the amount of any performance fee in respect of the current financial year ending 31 March 2014; this will mitigate the portfolio transition costs.
Jim Pettigrew, the Edinburgh's chairman, said: ‘Mark shares the same active, value-driven investment approach and long-term focus as Neil Woodford and comes to us with an excellent track record built up over many years of managing money.'
I am happy with this decision and particularly with the reduction in the annual management fee and agreement to remove any performance fee.