Perpetual ups wholesale fund fees after 10-year hiatus
Perpetual Investments is increasing fees across its range of wholesale Australian share funds and balanced growth funds that have Australian shares in them.
Gerard Doherty, Perpetual group executive wealth management, said the “increases in the Australian share fund and Industrial Share Fund, where the majority of client assets are, equates to .07 per cent or a seven basis point increase, from 92 to 99”.
He said the increase will see wholesale investors “paying another $35 a year in fees in the Australian Share fund, where the minimum investment in a wholesale fund is $50,000”.
The increase follows a 12-month review of fees in our Australian share funds against the broader marketplace in Australia and also some oversees fees, according to Doherty.
“The funds we are putting the price up on have been going for over 10 years, and it’s the first time we have looked at reviewing those fees, and we think this is a reasonable thing to do given the quality and the value we bring to the market.
“We do know that over the long term we have been a top-quartile to second-quartile performer, whilst our fees have been third and fourth quartile,” he said.
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