Thanks NTaylor.
It seems from this information that Lighthouse's performance may have not met relevant benchmarks ? I am not sure how HFA 's performance fees are calculated but in such an instance is a performance fee really likely?
Alphasigma are you able to set some light on this?
As a side comment -it is disappointing that HFA prefer to not keep the market regularly informed regarding FUM levels and fund returns . Maybe the recent appointment of an independant director (Michael Shephard) may assist with future disclosure.
cheers
high water mark and performance fee, page-13
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