Perennial Investment Partners’ decision to reduce management fees on new investments to zero for three months has been well received by Australia’s platform industry.
Designed to encourage new investments before the Government’s ‘simpler super’ rules are implemented on July 1, Perennial head of retail funds Brian Thomas said the initiative had received an extremely positive reaction from advisers.
“We have had discussions with the vast majority of master trust clients and they are all looking at finding the best way to distribute this back to their underlying investors,” he said.
“It’s great to see the master trust industry working closely with us to pass a benefit straight back to investors.”
The waiver on management fees for new investments will be withdrawn on July 31.