Milford Asset Management has lowered fees for advisers on its flagship Australian Absolute Growth fund to 0.9% per annum.
The W share class would move its base fee from 1.13% per annum to 0.9% per annum. The performance fee would be capped at 0.95% per annum and the distribution frequency increased to bi-annual.
The Aussie equities fund aimed to generate investment returns 5% higher than the RBA cash rate per annum over three-year rolling periods.
Head of Australian business, Kristine Brooks, said: “I want to ensure that our offer reflects our commitment to support financial advisers and their clients, as well as our desire to expand our adviser client base. Advisers will now have access to the same performance and team, at a fee that is more accessible”.
Brooks had previously spoken about how the New Zealand firm was looking to target financial advisers after having spent time getting the funds rated and on nine Australian platforms.
The Milford Australian Absolute Growth fund had returned 24.3% over one year to 31 May, according to FE Analytics, versus returns by the Australian Core Strategies absolute return sector of 15%.