T.Rowe Price lowers fees for global equity fund



T. Rowe Price has lowered the fee structure for its flagship Australian Unit Trust – Global Equity fund from 1.18% per annum to 0.94% per annum, effective from 1 July 2020, to phase out conflicted grandfathered remuneration.
The new fees would be better aligned with other T. Rowe Price local offerings, including the T.Rowe Price Australian Unit Trust Global Equity Fund (0.60% per annum) and T.Rowe Price Dynamic Global Bond Fund (0.40% per annum).
According to T.Rowe Price’s Australian sales manager, Darren Hall, the new fee structure would provide a more attractive entry point to end investor.
“Putting client interests first is a core value of our firm and a key determinant influencing our decision making.
“As the industry transitions away from legacy systems and processes, modern structures are evolving around how to support investors achieve their capital and income needs, an we are pleased to be working well ahead of the Government’s year-end timeline for cleaner remuneration arrangements.”
Fees on the fund’s hedged share class would also be reduced from 1.20% per annum to 0.99% from the same date.
Performance of T.Rowe Price Global Equity fund versus its MSCI ACWI benchmark over one year to 29 April, 2020
Recommended for you
Having launched its first active ETF for Australian investors earlier this year, iShares says this has helped the firm reach $50 billion in assets under management in Australia.
Recommending Platinum shareholders to enact the merger with L1 Capital, Morningstar has said it expects the combined firm will be able to moderate outflows and facilitate diversity in product range.
Elanor Commercial Property Fund has appealed to the Takeovers Panel regarding the takeover offer by family office Lederer Group, describing “disclosure deficiencies” in last month’s bidders statement.
Wholesale distribution is experiencing the most active hiring efforts as the decline in financial advisers means fund managers are focusing on high-net-worth investors and wealth managers instead.