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One analyst says the new formula is so complex, many investors did not realise how fast the fees will grow. He says: 'If they had, they would have voted against it.' In 1999, Westfield Trust argued that it had one of the lowest management fees in the listed property trust sector. Even by 2006, its fee will still be at the lower end of the scale. Westfield Trust's management fee, expressed as a percentage of the trust's total assets, is forecast to be 27 basis points for 2002, rising to 35 basis points in 2006.