Change in Fee Structure

RNS Number : 1105D

JPMorgan Chinese Inv Tst PLC

26 January 2015

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN CHINESE INVESTMENT TRUST PLC

CHANGE IN FEE STRUCTURE

The Board of JPMorgan Chinese Investment Trust plc announces that it is changing its fee structure to ensure that the Company remains competitive to shareholders.  With the existing fee arrangement the Company's basic annual management fee is fixed at 1% per annum of the Company's total assets less current liabilities, after adding back any loans. In addition there is also a performance related fee calculated at 15% of outperformance of the Company's net asset value total return over the benchmark. The maximum total fee payable in any one year in respect of the fixed management fee and any performance fee is capped at 2% of the Company's average total assets less current liabilities. In effect, this caps the potential performance fee paid in any one year to 1%. Any performance fee earned in any one year in excess of the 1% cap is carried forward until paid in full or absorbed by any underperformance in a subsequent year.

An agreement has been reached with J.P. Morgan Funds Ltd ('JPMF') to remove the performance fee element from the current fee arrangement and revert to a management fee only at a flat fee of 1% per annum of the Company's total assets less current liabilities, after adding back any loans.  This change will be implemented at the Company's year end (30th September 2015).  All outstanding performance fees due as at 30th September 2015 will be paid to JPMF at that point.

26th January 2015

For further information, please contact:

James Glover

For and on behalf of

JPMorgan Funds Limited - Manager

020 7742 4917

 

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