Macquarie makes infrastructure fund more accessible
Macquarie Funds Group has announced it will remove the performance fee and change the benchmark of the Macquarie International Infrastructure Securities Fund (MIISF) in the name of benefiting members.
The fund’s benchmark will be changed from the FTSE/Macquarie Global Infrastructure Index to the S&P Global Infrastructure Index, which is hedged against the Australian dollar.
MIISF portfolio manager Justin Lannen said he believed the new benchmark provided a better representation of the infrastructure than the current benchmark, which had been used since the fund launched in 2005.
On removing the performance fee, Lannen said Macquarie chose to remove the performance fee but leave the management fee to ensure investors have absolute certainty about the fee they would pay.
Macquarie have also worked to reduce the expense recovery estimate from 0.12 per cent to 0.06 per cent, as well as reduce the buy spread estimate applying to applications from 0.30 per cent to 0.25 per cent.
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.
