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Aurora investment trust amends performance fee methodology and investment objective
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In a stock exchange notice today (14 June), the board said the performance fee methodology now allows Phoenix Asset Management to earn a fee for any outperformance that is re-generated after being clawed back. Prior to the changes, a key aspect of the trust was its clawback, where performance fees paid to the investment manager could only be retained by them if Aurora did not underperform in the subsequent three year lock-in period. Under this system, if performance fees are clawed back, the high water mark, or level at which future performance fees are payable, does not get adjusted,...
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