VAM's fees slashed in revised contract.

From: Investment Adviser | Date: March 17, 2008 | Copyright information

The board of the GBP92.8m Teesland Advantage Property Income trust has negotiated a new management package with Valad Asset Management which will see VAM's fee reduced by 23.5 per cent.. Oliver Shah

Under the renewed contract - which begins 1 July - VAM will continue at the helm of the Guernsey-listed trust until September 2010, and will take a management fee of 65 basis points of its aggregate gross asset value annually. Previously the fee was 85 basis points.

Christopher Fish, chairman of TAP, greeted the deal as a coup for shareholders who will see the trust's TER ...

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