IOOF rejigs Multi Series Balanced Trust
IOOF has reduced the investment fee of the IOOF Multi Series Balanced Trust by 10 basis points to 0.55 per cent, and increased the trust's exposure to active management.
Sixty per cent of the trust is now actively managed - up from 42 per cent, according to an IOOF spokesperson.
Taking the trust's 0.34 per cent administration fee into account, the total cost of the fund to investors is now 0.89 per cent. Full platform administration and financial adviser support is also provided, according to IOOF.
The reduced investment fee is a response to financial adviser feedback and competitive forces in the marketplaces, and was made possible by IOOF's scale, according to the spokesperson.
IOOF general manager for distribution Renato Mota said the newly reduced investment fee meant investors had access to a cost-effective fund that was actively managed by investment professionals.
"We believe active management is the key to investment performance, which is why it features heavily in the Multi Series Series Balanced Trust," Mota said.
The Multi Series Balanced Trust is available as part of IOOF's recently launched Pursuit Focus, and has been rated by Lonsec as 'recommended'.
The enhancements to the trust will take effect from 1 February 2012.
Recommended for you
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
Merchant Wealth’s David Haintz has described how the firm differs from the traditional private equity ventures jumping into Australia, and why M&A isn’t like Married at First Sight.
ASIC has been granted permission to shut down almost 100 websites running investment scams, with the Federal Court describing how its victims were “fattened like pigs to slaughter”.
An Adelaide-based financial planning and accounting firm is set to merge into Count Adelaide, aligning with Count’s ambitions to form a national footprint of scaled equity partnerships.
