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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.
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