GSFM appointed as RE of growth fund
Grant Samuel Funds Management (GSFM) has been appointed as responsible entity (RE) of the Munro Global Growth Fund.
It would replace Munro Asset Management, the Australian Financial Services Licence (AFSL) holder for Munro Partners, which was the previous responsible entity of the fund.
GSFM and Munro Partners have been working together since June, with GSFM distributing the fund in the Australian and New Zealand markets.
Following this change, management fees will be reduced from 10.25 per cent to 10 per cent inclusive of GST.
The fund is index unaware and invests in international listed equities deploying a long/short strategy.
GSFM’s chief executive, Damien McIntyre said: “As a result of the change of RE, we will be able to offer unitholders a reduction in management and performance fees, and an amendment to the performance fee hurdle rate.”
GSFM acts as RE for four other funds with $2.7 billion under management.
AUTHOR
Oksana Patron
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
