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
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
