This includes the £24m Waverton Global Equity Fund that is currently run by Jennifer Fisher although it is the process of being transferred to Charles Hemphill and William Kenney who joined from Spencer House Capital Management in February to run specialist global equity mandates.
They brought with them the SHCM Global Equity Fund, now called the JOHIM Global Equity Fund, that they currently manage. The two funds will gradually be merged together at which time Jones will concentrate on the firm’s segregated mandates.
The rest of the Waverton range that no longer charges a performance fee is its $79m Asian Pacific fund run by Alan Gibbs and Edward Stileman; the €36m European fund managed by Edward Novis and Oliver Kelton; and Russell Wallis and Simon Wilson’s £75m Waverton UK fund.
All of these Ucits IV best ideas funds now have an annual management charge of 1% instead of an AMC of 1% plus a 20% performance fee.
Commenting on the move, James Du Boulay, Waverton’s head of funds distribution, said: “We have decided to remove the performance fees to align ourselves with our most competitive peers after widespread research and discussions with the investment community.”
