Invesco cuts AMC and performance fees on Barnett and Mustoe’s Select trust

Invesco Perpetual has taken steps to cut both the management and performance fees on Mark Barnett (pictured) and Nick Mustoe’s Invesco Perpetual Select trust.

The trust operates four portfolios each of which is managed by one of four managers. Barnett is responsible for the UK equities portfolio while Mustoe looks after the trust’s global equity income portfolio. Stuart Edwards also runs the managed liquidity portfolio and Scott Wolle oversees the balanced risk mandate.

The board of the trust announced this morning that Invesco has agreed to reduce the annual performance fee well as as the management fee it receives on both Barnett’s UK equity and Mustoe’s global equity portfolios from 0.75 per cent to 0.65 per cent per year.

The performance fee comes into effect if the portfolios outperform their benchmark index by more than 1 per cent per annum. The UK equity portfolio currently uses the FTSE All Share as its index while the global equity income portfolio is benchmarked against the MSCI World index.

The changes to the fees came into effect at the start of June, according to the board.

No alternations are being made to the fees on either the balanced risk or managed liquidity portfolios.