MILAN Feb 22 Italian asset manager Banca
Mediolanum said on Wednesday the expected drop in
performance fees on its Irish domiciled funds will be largely
offset by an increase in the recurring fees it charges to
In a statement that followed a sharp drop in its share price
on concerns that a review of its fee structure would put its
2018 profit and dividend at risk, the company said the review
concerned only its Irish-based funds and would most likely
result in a 35 basis points decrease in performance fees.
That would be partly offset by a simultaneous increase of 20
basis points of other recurring fees, it added in the statement
released by its investor relations office.
Mediolanum said the overall re-pricing of the Ireland-based
funds will be done in accordance with the Central Bank of
Ireland. Shares in the company were last down more than 3
percent, having lost 6.7 percent in the previous session.
Last year, Mediolanum CEO Massimo Doris told Reuters that
Mediolanum would review the fee structure of its Irish-domiciled
funds, bringing them in line with the guidelines of the Central
Bank of Ireland and other international standards.
(Reporting by Danilo Masoni; editing by Agnieszka Flak)