Fidelity International is to introduce a new performance fee system across a range of funds worth $30bn, in an attempt to win over investors disillusioned with traditional active management costs.

The new structure, available from March, will reduce the base fee it takes for managing a selection of funds from 0.75% a year to 0.65%, Fidelity's chief investment officer said today. But the quid-pro-quo is that the fee will become variable.