1 Comment 1 CommentListed investment trust, Marlin Global, has paid a performance fee to its manager, Fisher Funds Management, totalling $732,947.
The fee, for the year ended 30 June 2014, has been paid as the fund beat its benchmark.
That is the Bank Bill Index rate plus 5% (the benchmark rate) and the High Water Mark (the highest net asset value at the end of the previous financial year in which a performance fee was paid, adjusted for changes in capital).
Fisher Funds will use 25% of the fee to acquire Marlin shares.
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An equity fund beat a cash benchmark to earn the manager a performance fee....... Aren't there laws against this in most developed countries?