New trust for Indigenous communities
Perpetual has launched its new native title and community trust to provide investment support to smaller Indigenous communities.
The new trust is expected to help open up professional native title management to communities for whom a more traditional model has become impractical.
Perpetual senior manager, Community and Social Investments, John Hender, said Perpetual supported the Aboriginal and Torres Strait Islander communities to manage their community funds through tailored trust structures.
"We are pleased to broaden out this offering through this unique cost-effective approach."
The new trust will offer minimal ongoing fees along with a straight-forward set-up and no establishment fees while Perpetual, as trustee, will take care of the trust administration, compliance, auditing, tax, financial and regulatory reporting.
"This structure allows us to reduce the cost via two key variables that impact cost-effectiveness of a native title trust — community contact and consultation, and distribution frequency — while retaining flexibility to meet communities' differing needs," Hender said.
Additionally, Perpetual has launched its second Reconciliation Action Plan (RAP) aimed at building relationships with Aboriginal and Torres Strait Islander clients, suppliers, employees and communities.
AUTHOR
Oksana Patron
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
