Those who get ahead of their benchmark early may be tempted to sit on the gain and not take enough risk until they can collect their fee.

It will also sub-underwrite its portion of the capital raising and collect a fee for doing so.

There the guard would collect the fee with a hv until 1945, when the last guard retired.

Collecting a fee from ten million individual pooch owners would cost a fortune.

This collects a fee of 1.1 per cent of the market capitalisation up to £250 million, and 0.8 per cent of its value above £500 million.