Macquarie brings down curtain on Morgan Stanley fund
Nearly two years after it opened to investors, the Morgan Stanley Global Franchise Strategy fund is closing its doors to new investors.
Macquarie Financial Services said it would be closing the fund on May 31, with it having reached capacity at $570 million.
The head of distribution for the Macquarie Professional Series, Peter Shepherd, said Australia was the only country in the world where new investors could still access the fund.
He said it was appropriate the last investment into the strategy would be in Australia in circumstances where Macquarie Professional Series had made it one of its inaugural funds.
Shepherd said the performance of the Morgan Stanley Global Franchise Fund since inception to March 31, this year, had been 16.5 per cent a year.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
