Iveagh, the UK-based fund management business backed by the Guinness family, has removed the performance fee on the Iveagh Wealth Fund, previously 10 per cent over the hurdle set at three month US dollar LIBOR.

Richard Ford, chief executive of Iveagh, said in a statement that the market has changed dramatically since the fund was launched in 2008 and that investors are now seeking more transparency and simplicity with regards to fees. The firm also said it hopes the decision will have a positive impact on the fund’s competitiveness and reduce its total expense ratio.

The fund, along with the firm’s Core Portfolios, launched in February 2011, became available to investors in Northern Ireland in January.