- St Peter Port Capital said it was planning to terminate its discretionary investment management agreement with St Peter Port Investment Management and become a self-managed fund.

The company said the move would enable a further significant reduction in the costs of managing the fund.

'This follows the ending of early-stage discussions with a potential new investment manager about a change in investment strategy, as announced in the company's final results on 14 June,' the company said.

The fees for the discretionary investment management of the fund were originally 2.0% of net assets per annum, which had been reduced in recent years, latterly to 1.25% per annum.

Over the same period net assets declined substantially, further reducing the fees.

St Peter Port Capital said it had instead established a new wholly-owned subsidiary, St Peter Port Capital Services, which would provide certain investment advisory and monitoring services.

'The net effect of these changes will be to reduce investment management costs by more than half from their current, already reduced, level,' it added.

'The board intends in the near future to convene a general meeting to enable shareholders to vote on continuing the life of the company.'

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