Yale University Endowment has removed $500m (€420m) from London-based hedge fund The Children's Investment Fund Management following an increase in performance fees.

The Wall Street Journal reports that Yale has objected to a proposed increase in fees from 13.5% of investment gains to 16.5% for investors who committed money for five years. It said the $15.2bn fund was also concerned that its position with TCI had grown too large.