fees

52% of performance fee structures already adhere to ESMA recommendations

OCF across the range will fall from 0.25% to 0.20%

BH Macro (BHMG) and BH Global (BHGG)

Effective from 1 April

VAT operational issues explored

Follows HMRC ruling change

Drop from 38bps to 24bps

Wants to return to 2/20 fee structure

All-in cost of 0.25% for 7IM Active portfolio

Change has been effective since 1 January