Tower rolls out Oz funds
TowerManaged Funds has launched its first tax-effective Australian domiciled managed fund in New Zealand and is promising more will follow.
The first fund in its Advantage series is a hedge fund using Deutsche Bank’s Offshore Value Fund as its underlying investment.
Key features of the fund are its tax advantage over New Zealand funds, the fund price is only struck once each month, and investors can only get in or out of the fund on one day each month.
The fund will make 90 per cent of its distributions by issuing bonus units to investors and these units are free from tax. The remaining 10 per cent will be in cash that will be taxable.
General manager risk and investment products Richard Baker says the fund is aimed at complementing its current hedge fund offering, the Tower GAM Multi-Trading fund.
Baker says Tower plans to migrate the Multi-Trading fund to an Australian domicile later this year.
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