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
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
