POWERED BY MOMENTUM MEDIA
IFM announces fee rebate for investors
Industry Funds Management (IFM) will implement a 12.5 per cent fee rebate for all its existing investors, while at the same time undertaking a review of all its products.
The move came as IFM chief executive Brett Himbury announced a jump of $6 billion in funds under management (FUM) over the past 12 months to September at an investor briefing in Melbourne. IFM's FUM was $25 billion last year.
The rebate will be calculated according to FUM at the end of the October this year. It will apply to base management fees. The rebate will be paid in cash at the beginning of December.
IFM settled on 12.5 per cent after reviewing how to keep the company profitable and covering its cost base. The company has invested heavily in an accounting back office system and expanded into Sydney, London and New York.
"We've tried to optimise the amount that we give back to investors but ensure that the business is still positioned to invest in the growth that we need to invest in," Himbury said.
IFM will also review its product pricing across all asset classes and countries. It will take until the end of the calendar year, Himbury said.
The company was hopeful the review would generate more benefits of scale and better investor returns.
IFM is looking to double the number of its asset partners across multiple investment markets, Himbury added.
Recommended for you
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
Qantas Super has officially merged with ART over the weekend, with its CEO describing the “bittersweet” decision as being in the best financial interests of its members.
The super sector has apologised and vowed to fix widespread delays, poor service, and systemic failures in processing death benefit claims, following an ASIC review.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
