Perennial fee waiver well received
Perennial Investment Partners’ decision to reduce management fees on new investments to zero for three months has been well received by Australia’s platform industry.
Designed to encourage new investments before the Government’s ‘simpler super’ rules are implemented on July 1, Perennial head of retail funds Brian Thomas said the initiative had received an extremely positive reaction from advisers.
“We have had discussions with the vast majority of master trust clients and they are all looking at finding the best way to distribute this back to their underlying investors,” he said.
“It’s great to see the master trust industry working closely with us to pass a benefit straight back to investors.”
The waiver on management fees for new investments will be withdrawn on July 31.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.