Fidelity, the fund manager, announced that management charges paid annually on Anthony Bolton's Fidelity China Special Situations Investment Trust by investors will have a price discount. Starting the 1st of April, investors will only pay 1.2pc annually instead of 1.5pc. Fund should include a performance fee but inclusion was never done because Mr. Bolton failed to surpass the index.
The fund will have to surpass by 2pc the MSCI China Index to be able to include the performance fee. Chairman of Fidelity China Special Situations John Owen commented, "Both the Board and Fidelity believe that this competitive pricing will be attractive to new investors considering Fidelity China Special Situations PLC and this will be to the benefit of investors in the Company overall."
Anthony Bolton is one of the most famous fund managers of Britain. For 27 years, his investors of Fidelity UK Special Situations Fund would normally earn 20pc annually. In 2010, he left Fidelity UK to start Fidelity China although its results were far from what was expected.
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