Iveagh Wealth Fund scraps performance fee
Iveagh, the UK asset management company, has removed the performance fee on its Wealth Fund.
The company, which manages retail assets as well as the Guinness family assets through the Iveagh Wealth Fund and the Iveagh Core Portfolio funds, will remove the performance fee on the Iveagh Wealth Fund, previously 10% over hurdle (three month USD LIBOR).
Richard Ford, CEO of Iveagh, said: “Since the launch of the Iveagh Wealth Fund in 2008, the market has changed dramatically and investors are seeking greater transparency and simplicity of fund charges and fees. We believe that it’s the right action to take now and it’s healthy for our retail fund business to be as competitive as possible on value whilst maintaining our high standards of market awareness, asset allocation and risk management.
The move is intended to improve the transparency, simplicity and competitiveness of the fund within the retail fund management market, further reducing the fund’s total expense ratio.