BT Wrap sweetens rebates

Chris Freeman

Thousands of BT Wrap customers will receive an early Christmas present in the form of additional fee rebates on four BT multi-manager funds.

According to BT, investors that are part of BT’s Wrap Advantage program will be offered a 10 basis point rebate on 69 managed funds and would see around $400,000 returned over the next 12 months.

The BT Multi-manager Balanced Conservative, Growth and High Growth funds will join the existing group of 65 Wrap Advantage funds, which form a subset of BT Wrap’s total investment menu of over 700 managed funds by some 85 fund managers as well as ASX 300 listed shares.

Head of BT wrap solutions Chris Freeman said since launching the Wrap Advantage program in March 2007, the group had already returned over $2.4 million in fee rebates to investors.

According to Freeman, the decision to add BT’s multi-manager products to the program was driven by growing adviser demand for better quality, cost effective multi-manager products.

“In the past year alone, our multi-manager funds have grown by over 20 per cent and now represent around $2.5 billion. Advisers are increasingly turning to multi-manager funds to provide clients with diversity in a cost effective manner,” Freeman said.

“The additional fee rebate will deliver an extra layer of value for advisers and investors to consider when selecting an appropriate multi-manager fund as part of their investment portfolio.”

Freeman said the Wrap Advantage initiative not only offered investors cost savings but brought fund managers and dealer groups together through BT’s wrap platforms to deliver increased efficiency and improved service to advisers and investors.