US - Goldman Sachs Asset Management said it would not raise the base fee on its Global Tactical Asset Allocation fund back to its original level until the start of next year.
In November 2007 it cut these charges from 1.5% for three share classes, and 2.5% for three others, to 1% and 1.67% respectively.
The US company announced via a stock exchange filing in the week before Christmas that the cut fees would remain in effect until New Year's day, 2011. Investors still pay a performance fee for fresh gains the fund makes. It was not clear what performance fee was payable on the fund. However, the industry average has historically been around 20%.
Goldman is not the first large hedge fund manager to reorganize its fees - rivals Perry Capital International, Ramius, RAB Capital and Centaurus Capital are among others which restructured their fee schedule in 2008 or early last year - but Goldman is among the most prominent managers to do so.
A spokesman from Goldman declined to comment. One London-based fund of funds manager said: "It's a big name to cut fees on product, but it is not unusual for the industry."
A study by US researchers Preqin last year found the average base fee charged by the $1.5 trillion industry sat between 1.5% and 1.7% - below the 2% historically levied.
Since hedge funds lost a record 19% in 2008 and suffered record redemptions to boot, many managers cut or restructured fees to keep existing investors, according to data providers Hedge Fund Research. Some of the pressure on fees has, however, been relieved by the industry making about 19.2% last year - tantalizingly close to 2003, when it made 19.6%, its best performance since 1999.
Goldman's announcement shortly before Christmas was not the first time it altered fee structures.
In August, it announced an 'anti-dilution levy' for its institutional, long-only funds. It could charge these to subscribers into, or redeemers from its funds, in order to offset any negative effect that existing investors suffer when the managers either invest large amounts of new money or have to sell large amounts of holdings to meet redemptions.
BNY Mellon Asset Management has also cut asset-based fees, for four share classes of the Euro Corporate Bond fund, part of the Ucits-compliant BNY Mellon Global funds range.
From January 4, investors in four classes of this fund have paid 0.45%, which is 18% less than the 0.55% they used to pay.
A spokesman from BNY Mellon did not return calls seeking further comment.
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