THE £5 billion Scottish Mortgage Investment Trust is poised to enter the FTSE 100 for the first time in its history, writes Scott Wright.
The Edinburgh-based trust, run by fund manager Baillie Gifford, will enter the prestigious index after the close of trading on March 17. It also announced last night that it will cut its annual management fees to pass on the benefit of its increasing scale to shareholders. Under a tiered fee scale to be introduced on April 1, the annual management charge will continue to be 0.3 per cent on the first £4bn of assets under management, but will fall to 0.25 per cent thereafter.
Trust co-manager James Anderson said: “The opportunities ahead are compelling but we need to keep improving and cutting costs is a vital and underestimated part of this process.”
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