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Vertex One Asset Management, Inc. has removed the performance fee in respect of each class of the Vertex Value Fund, Vertex Enhanced Income Fund and Vertex Growth Fund, effective immediately.

The Vancouver-based firm made the announcement on Friday. It previously charged a performance fee equal to 20% of the amount by which a fund’s return exceeded the percentage increase or decrease of its benchmark, subject to a high-water mark.

Vertex One has also raised the risk rating of the Vertex Value Fund from “medium” to “medium to high” in accordance with the fund’s risk classification methodology.

Additionally, the Vertex Value Fund and Vertex Enhanced Income Fund are now being managed by PenderFund Capital Management Ltd, after the two firms signed a non-binding letter of intent in June.

In order to give Pender more flexibility in managing the funds, Vertex One has amended the investment strategies of both. For an overview of the changes, see Vertex One’s press release.