Platinum sticks with Macquarie
PlatinumAsset ManagementandMacquarie Wrap Solutionshave resolved a brief but public dispute after Platinum moved to withdraw its funds from the latter's platform investment menu.
The dispute came to light after Macquarie wrote to advisers using the platform telling them Platinum had moved to withdraw its funds after the introduction of a new fee system for fund managers.
Under the new fee structure, managers could pay a fund manager fee of $5,500 and a $3,300 administration recovery fee per fund to be listed on the platform.
Alternately, managers could access a rebate structure where amounts received over the administration recovery fee would be allocated back to investors.
Fund managers choosing the second option would be added to Macquarie’s low cost platform Accumulator investment menu and receive details of support of its funds at the adviser level. Those choosing the first would not gain access to the second platform and receive reports covering the support of its funds at the dealer level only.
However Platinum chief executive Kerr Neilson says the decision to withdraw its funds was not related to fees in any way.
Neilson says his group was concerned that under the new fee structure it would lose access to the underlying data of which advisers were supporting Platinum’s funds.
AUTHOR
Jason Spits
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.
