Mint axes performance fees
The industry has been shifting away from performance fees in recent years but it follows a long run of strong markets, which have proved lucrative for many.
It was warned last year that some managers were claiming performance fees even when they did not outperform the market.
Mint’s Australia New Zealand Active Equity Trust (Retail) fund charges 10% on outperformance above the NZX50 plus 3% with a high water mark.
The Financial Markets Authority has looked into the issue, and called for managers to ensure appropriate benchmarks were used, but Thomas said more action was need.
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