Bank Slashes Brokerage Fees for 'Fund of the Month'
RaboPlus - a division of Rabobank Australia Limited - today announced it will reduce its brokerage to 0.25 per cent on the BT Wholesale-Imputation Fund for the month of April. That's a saving of 0.5 per cent. Standard & Poor's considers the fund manager, BT Investment Management (BTIM) one of the strongest Australian-equity managers.
Sydney, NSW (PRWEB) April 17, 2009 -- RaboPlus - a division of Rabobank Australia Limited - today announced it will reduce its brokerage to 0.25 per cent managed funds on the BT Wholesale-Imputation Fund for the month of April. That's a saving of 0.5 per cent. Standard & Poor's considers the fund manager, BT Investment Management (BTIM) one of the strongest Australian-equity managers.
RaboPlus started promoting its most popular fund each month based on customer's choice in March 2008. Tim Hewson, Investments Manager RaboPlus, said 'the Fund of the Month allowed investors to get a gauge of what type of managed funds like-minded investors were choosing, and the reduced brokerage will make it cheaper for investors to further diversify their portfolio'.
RaboPlus customers can access a selection of mainly wholesale managed funds online with only $250 required as a minimum investment. This low minimum investment amount coupled with the discounted brokerage of 0.25% lowers the barriers to investing for Australian investors.
The funds can be bought and sold online 24/7 and with the administration of funds totally automated, customers can view their statements online.
The Portfolio Manager of the fund, Jack Chemello has run the fund over the last two years with support from Crispin Murray, BTIM's head of Australian equities and a team of analysts
The Morningstar five-star rated BT Wholesale Imputation Fund typically holds 35-40 large caps, and 15-20 small caps and some cash. Currently, the fund's exposure to small caps is around 3 per cent, and 3 per cent in cash.
The Imputation fund produced a total return post fee/ pre tax over a three year period - ending 31 March 2009 of -4.47 per cent (-27.21 per cent pa) against the ASX300 accumulation benchmark's return of -7.37 per cent (-29.80 per cent pa).
The fund's top holdings are BHP Billiton, Telstra, CBA, Westpac, ANZ, NAB, QBE Insurance, Westfield, Rio Tinto and Westfarmers.
The fund focuses on higher yielding stocks through the economic cycle, that provide 'yield pick-up' through imputation credits.
The Fund's management expense ratio (MER) of 0.90 per cent is close to the industry median. The fund charges no performance fees.
Jack Chemello said he had recently been taking advantage of capital raisings in selected industrial companies that were priced at attractive discounts, had began taking profits in some financials following a recent strong rally in that sector, and had also taken advantage of several LPT recapitalisations that were done at very large discounts to net tangible assets values.
"A number of good industrial companies have taken advantage of the improved stock market environment to re-capitalise their businesses, fix their balance sheets and reduce their debt. This should create value going forward" he says.
BTIM was awarded Australian Equity Fund Manager of the Year in the Standard & Poor's Fund Awards 2008 and more recently, Equities Fund Manager of the Year at the Insto 10th Distinction Awards.
BTIM has a 'multi-boutique' specialist investment approach and provides investment solutions across a range of asset classes and strategies. BTIM is listed on the ASX and manages $31.0bn for investors (as 31 December 2008). BTIM is an affiliate of BT Financial Group (BTFG). BTFG's core business is providing investment, superannuation and retirement income products and wrap platform services. BTFG is the wealth management arm of Westpac. RaboPlus is the online savings and investment service which was launched by Rabobank Australia Limited in 2007.
Important note: Before making any financial or strategic decision you should obtain professional advice which takes into account your personal circumstances and objectives. This article is not professional advice and does not take into account your personal circumstances or objectives.RaboPlus and related deposit products are issued by Rabobank Australia Limited ABN 50 001 621 129, AFSL 234700. The IDPS Guide and full Terms and Conditions relating to RaboPlus products are available on application. You should consider the relevant disclosure documents in deciding whether to acquire or continue to hold RaboPlus products.
Contact: Tony Rasman 0418 208770
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