Online broker E*Trade has announced the roll out of a system which will allow the research and trading of retail and wholesale managed funds
Online broker E*Trade has announced the roll out of a system which will allow the research and trading of retail and wholesale managed funds.
Access to over 170 managed funds and portfolio management tools will be provide through the new Managed Funds Centre with no fund exit or entry fees being charged.
Customers will pay on-going fees to the fund manager plus an E*Trade portfolio fee with the median fee over all their funds working out at less than two per cent.
By aggregating orders the system will also give customers access to wholesale funds with a minimum investment of $1000.
The service makes use of research software supplied by Morningstar Australia that enables clients to choose investments using over 40 different parameters.
E*Trade chief executive officer Michael Deleray, says the Managed Funds Centre will streamline the decision-making and transaction process.
“With the E*Trade Managed Funds Centre, the entire process can take place in one session. There is no waiting around for information to be received and sent by mail,” Deleray says.
“Our customers can research funds, click on a prospectus and place an order on-line. Orders come directly through the website into our vetting engine, are aggre-gated and then passed on to the fund manager. The process allows E*Trade Aus-tralia to offer wholesale and retail managed funds at very competitive prices.”
Deleray says another benefit of the product is its ability to track and record cus-tomer’s transactions.
“There’s no need for our customers to dump the proverbial shoe-box on their ac-countants desk at tax time any more. All relevant tax-related information is held in one place on the website.”
