JP Morgan Russian trust cuts charges

The JP Morgan Russian Securities investment trust has cut its management fees from 1.5% to 1.2% of net assets, after discussions with major investors.

The investment trust has also announced that Pamela Smith, its chairman, will step down early next year.

Gill Nott, a former board member of the Financial Services Authority, has joined the trust’s board. Nott is currently deputy chairman of the Association of Investment Companies and chairman of the Witan Pacific investment trust.

The trust is also set to introduce continuation votes to be held every five years. In a bid to control the trust’s discount, the board has announced it will buy back shares at discounts of between 8-10%, subject to market conditions.

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