Global investment manager AllianceBernstein has become the latest fund manager to lower its retail fees for Australian clients.
AllianceBernstein has announced the management fees of its AB Dynamic Global Fixed Income Fund fell from 0.70 per cent to 0.55 per cent, while its AB Global Equity Fund had been reduced to 0.85 per cent a year from 1.05 per cent, effective 1 October.
Commenting on the cuts, AB Australia chief executive Jen Driscoll said, “These moves demonstrate AB’s commitment to listening to client feedback and responding to it, and they have been well received.”
Platinum Asset Management was the first global equities manager to cut its fees in May 2017.
A statement from AllianceBernstein said, “Through September 30, for example, the AB Dynamic Global Fixed Income Fund had delivered gross returns of 4.37 per cent annualised and total returns (net of fees) of 3.67 per cent annualised since inception on June 2, 2014.
“This compared to 2.19 per cent annualised for the Bloomberg Ausbond Bank Bill Index for the same period.”
Ms Driscoll said the fee cuts made the funds’ value proposition even more attractive.
“This is entirely appropriate in a challenging market where investors are rightly focused on value for money as well as investment performance,” she said.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...