Scrapping performance fees has become a rising trend among investment companies this year, it has been revealed.

The Association of Investment Companies, in its review of 2013, reported that ten investment companies have abolished the charge since January.
Another firm has announced it will ditch the fee.
Just three investment organisations made this move last year and three did so in 2011.
The AIC said 55% of conventional investment companies have performance fees in place.
Other key points made in the 2013 review were that it was a strong year for investment company fundraising, with the largest launch being Riverstone Energy in October, raising £760m.
AIC data demonstrates fourteen new investment companies have launched on the main market and AIM – raising £2.6bn between them, up 200% on the £882m raised in 2012.
The joint second largest were CVC Credit Partners European Opportunities and Renewables Infrastructure Group – both raising £300m this summer.
The AIC also reported that 2013 has been a record year for net flows in the industry according to data from JPMorgan Cazenove, at £3.7bn over the year to 30 November. While inflows, at £6.3bn, are below the 2007 record total of £8.8bn, the lower level of outflows at just £2.6bn this year - compared with £6.9bn in 2007 - makes 2013 a record year for net flows.
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Annabel Brodie-Smith, communications director, AIC, said: "It's been a great year for the investment company industry.
"Assets under management reached a record high in October of £112bn, and discounts narrowed to 5%, their lowest in nearly eight years. It's really encouraging to see that it was a record year for net money coming into the sector.
"With interest rates remaining at record lows, much of the fund raising activity this year has continued to relate to income. It remains to be seen whether income will once more dominate activity in the sector next year."