Platinum Asset Management has announced it is cutting fees on a number of its existing products as well as launching two new exchange traded managed funds.
In a statement on the ASX, the fund manager said it was reducing the fees associated with its Platinum Trust Funds (PT Funds) and Platinum Global Fund (PGF).
Investors in the PT Funds will have a choice between a performance fee option of a 1.1 per cent per annum management fee and an outperformance fee of 15 per cent, or a standard fee option of 1.35 per cent per annum – which Platinum notes is a reduction on the previous 1.5 per cent per annum management fee.
The fees for the PGF will also be reduced from 1.5 per cent per annum to 1.35 per cent per annum, the company said.
"As part of a review of its channel distribution and pricing strategy, Platinum has decided to add a new performance fee option to each of the eight PT Funds whilst, at the same time, also reducing the total fees and expenses charged under the standard fee option," Platinum said.
"Since Platinum commenced business in 1994, the costs associated with accessing international markets have come down as a result of investment efficiencies and these new fee options give investors the benefit of such changes."
In addition to these changes, the fund has announced it intends to launch two new exchange traded managed funds (ETMF), pending regulatory approval.
The new funds will "allow investors to access Platinum's international and Asian equity strategies via the ASX" and will be exchange traded versions of the fund manager's existing strategies.
"These new international and Asian ETMF products will be structured as feeder funds into the existing unlisted Platinum International Fund and Platinum Asia Fund respectively," Platinum said.
"The two new ETMF products will therefore have the same portfolio composition, portfolio managers and investment strategy as the underlying funds they feed in to."
Platinum said more details would be made available closer to the launch date for each of the new funds.