Wealth management firm IOOF Holdings (IOOF) will make a number of changes to its Mutli Series Balanced Trust including dropping its investment fee to 0.55 per cent.
Changes to the Multi Series Balanced Trust will take effect from 1 February and will allow individuals to invest at only 0.89 per cent including administration fees.
“[The move is] in response to adviser feedback and the current market conditions, and in an effort to compete in the marketplace,” an IOOF spokesperson told InvestorDaily.
As well as reducing the fee, IOOF will increase the trust’s exposure to active management.
“At IOOF, we believe active management is the key to investment performance which is why it features heavily in the Multi Series Balanced Trust,” IOOF general manager of distribution Renato Mota said.
“For the low fee of 0.55 per cent, advisers can provide their clients with an investment option that is actively managed by a team of investment professionals, yet still cost effective.”
The combination of Pursuit Focus and the Multi Series Balanced Trust will give IOOF an advantage over other low-cost investment options for investors and advisers.
As the Multi Series Balanced Trust is on the Pursuit platform, clients are able to also able to move to other solutions as their needs change without paying additional fees or triggering a capital gains event.
