Lindsell Train trust to change management fee calculation

Under the current process, the manager is entitled to an annual management fee of 0.65% of the market capitalisation of the trust. However, following the change Nick Train (pictured), who runs the trust, will no longer earn a fee on the proportion of the market capitalisation that is attributable to any share price premium to the trust's NAV. As of 1 April, the investment management fee will be calculated by reference to the lower of the market capitalisation or the NAV of the investment company. The board said the investment management agreement will be ammended accordingly to not...