Plato launches global share fund for retirees
Investment management firm, Plato, has launched a global share income fund designed for retirement income, aiming to provide diversification while delivering income for retirees.
The Plato Global Shares Income Fund provides capital growth and income, as well as access to different markets with diverse industries and economic cycles, away from the Australian equity market, which leans heavily towards the banking sector, the firm said.
The fund also offers monthly dividends instead of bi-annual dividends paid in Australia.
The fund targets a net income of six per cent per annum, which is four per cent higher than the global equity index.
Plato managing director, Dr Don Hamson, said the firm had hired three global equity specialists to develop the fund: Dr Johnathon Whiteoak from State Street Global Advisors as a senior quantitative researcher, Wilson Thong from State Street Markets as a quantitative analyst, and Daniel Pennell from Real Index as senior portfolio manager for global shares
The management fee for foundation investors who invest from now until 30 June 2016 will be 0.49 per cent per annum, while minimum initial investment for a class F investor is $50,000, and $30,000 for other investors, with a management fee of 0.99 per cent per annum (class A).
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
