Ongoing charge plus performance fee (%)
Ongoing charge date
Management agreement
Under the terms of the Management Agreement with Towers Watson Investment Management (Ireland) Limited, the AIFM will be entitled to a management fee together with reimbursement of reasonable expenses incurred. The fee equates to the sum of (i) GBP 1.5m p.a. plus 0.055% p.a. of the market capitalisation of the Trust after deduction of (a) the value of non-core assets, (b) the value of the Trust’s subsidiaries; (ii) such fees as are agreed from time to time by the Trust in respect of third-party managers; and (iii) fees paid to the managers/administrators of non-core assets. No performance fees are payable. The Management Agreement may be terminated by either party on not less than notice period of six months.
Performance fee

A measure, expressed as a percentage of NAV, of the regular, recurring costs of running an investment company.

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