Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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City of London IT (CTY)

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Thursday 05 December, 2002

City of London IT

Management Fee

City of London Investment Trust PLC
05 December 2002

Stock Exchange Announcement

The City of London Investment Trust plc - Changes to the management fee

The Directors of City of London ("the Company") have reviewed the operation of
the performance related element of the management fee with Henderson Global
Investors ("Henderson") and have, as a result, agreed a simplified fee structure
with Henderson.

The previous arrangement of measuring performance over rolling three year
periods could mean that a performance fee was payable even in individual years
where the manager under performed the Company's benchmark index, the FTSE
All-Share Index. This has now been replaced with a new arrangement whereby a
performance fee is payable based on performance relative to the benchmark index
only in the accounting year in question. As a consequence of the new structure
measuring performance over one, rather than three, years, the Company and
Henderson have agreed additional "high water mark" provisions, as set out 

  • In the event of under performance in any accounting year, such under
    performance must be made good in full before a performance fee is payable in
    any subsequent accounting year; and
  • In the event that out performance is such that a performance fee is
    subject to the 0.5% cap described below, any excess out performance may be
    carried forward solely for the purpose of making good subsequent under
    performance for a maximum of the next two accounting years.

The following elements of the fee structure will remain unchanged:-

  • A base fee of 0.30% of assets under management up to £400 million and
    0.25% of assets above that figure;
  • A performance fee equivalent to 0.1% for every 1% out performance of the
    Company's benchmark index; and
  • An overall limit for the aggregate fee of 0.50% of assets under management
    in each accounting year.

These new arrangements will be applied retrospectively so as to take effect from
1st July 2001. As a result of these new arrangements, the fifty per cent. of the
performance fee earned for the period to 30th June 2002 and currently retained
by the Company will immediately become payable to Henderson. This will not
affect the net asset value, as this amount was already accrued. The Company's
stated net asset value has been increased by 0.16% with effect from 21st October
to reflect the fact that the out performance in the period ended 30th June 2002
will no longer count towards performance fees for subsequent accounting periods.


Simon de Zoete

Chairman, The City of London Investment Trust plc

020 7818 5517

Stephen Westwood

Head of Investment Trusts, Henderson Global Investors

O20 7818 5517

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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