Friday, 19 April 2013
DOHA: The Qatar Investment Fund (QIF) has announced that it is entering into a new investment management agreement from October 31, 2013 with current manager Epicure Managers Qatar Limited (EMQL), a wholly owned subsidiary of Qatar Insurance Company. The revised agreement is for a one year period, with the same fee arrangements as those that were in place prior to the revised agreement.
The proposed revised fee arrangements commencing on 1 November 2013 are a reduced management fee of 1.05 per annum of the net asset value of the Company, calculated monthly and payable quarterly in arrears, with such management fee reducing further to 1.0 percent from 1 November 2015 for the final year of the agreement. There will be no change in the performance fee arrangements or any other material terms as exist currently.
The lower management fee will reduce significantly the overall costs for the Company. Combined with other cost saving measures that have been recently implemented, the ongoing charges will fall below 2 percent of net asset value per annum based on the current size of the Company. Nick Wilson, Chairman of the Company said: "Following the tender offer in December 2012, the Board undertook a thorough review of all the Company's expenses and implemented a number of cost-cutting measures including renegotiating arrangements with several of our service providers."
© The Peninsula 2013
