RACV launches master trust
RACV Financial Services (RACVFS) has launched its new master trust — SuperChoice — this week and will be using external managers for the first time.
RACV Financial Services (RACVFS) has launched its new master trust — SuperChoice — this week and will be using external managers for the first time.
The master trust will be sold through RACVFS’ own adviser network to members of the motoring organisation. It will not be sold to non-members.
The new trust offers two investment choices — simplicity funds and speciality funds.
The simplicity funds will have capital guaranteed, capital stable, balanced, growth and equities as investment options.
Melbourne-based RACVFS has appointed Perpetual, Macquarie and Colonial First State to look after Australian equities; BT for international equities; State Street for LPTs; and Lend Lease and Macquarie for fixed interest. Cash will remain in-house with RACVFS.
In the speciality funds choice, BT, Colonial and Merrill Lynch Mercury will be offering a greater range of choices, allowing RACV members to tailor their investments to their needs.
The master trust will have an MER of 1.4 per cent.
RACVFS chief manager Alan Tawse says the move is the culmination of a review of how the company managed its funds under administration. Previously it was all done in-house. Total funds under management, including the staff superannuation fund, is $550 million.
“The review process favoured external managers and we went through a tender process to select these,” Tawse says.
The back office for the new master trust has been given to AMP Investment Administration, which will also provide custodial services.
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