Macquarie Funds Group has announced it will remove the performance fee and change the benchmark of the Macquarie International Infrastructure Securities Fund (MIISF) in the name of benefiting members.
The fund’s benchmark will be changed from the FTSE/Macquarie Global Infrastructure Index to the S&P Global Infrastructure Index, which is hedged against the Australian dollar.
MIISF portfolio manager Justin Lannen said he believed the new benchmark provided a better representation of the infrastructure than the current benchmark, which had been used since the fund launched in 2005.
On removing the performance fee, Lannen said Macquarie chose to remove the performance fee but leave the management fee to ensure investors have absolute certainty about the fee they would pay.
Macquarie have also worked to reduce the expense recovery estimate from 0.12 per cent to 0.06 per cent, as well as reduce the buy spread estimate applying to applications from 0.30 per cent to 0.25 per cent.
