Nikko Asset Management this week announced a reinvigoration of its retail offering via new appointments to its sales team combined with fee reductions.
The company said it was reducting the management fee on the Nikko AM-Tyndall Australian Share Income Fund and lowering the minimum initial investment on its flagship funds.
The announcement said former Blackrock staffer, Thira Ngoeun, had joined the firm as a regional sales manager for New South Wales and Queensland.
Ngoeun was previously vice president — research relationship manager, at BlackRock.
Announcing the hire, Nikko AM Australia managing director, Sam Hallinan, said Ngoeun's appointment would strengthen the firm's relationships in New South Wales and Queensland as part of its commitment to comprehensively service the needs of financial advisers.
Looking to the fee changes, Hallinan said that in an environment where advisers and their clients were increasingly seeking income solutions for retirement planning, Nikko AM Australia had reviewed its range of retail funds and reduced the management fee for the Nikko AM-Tyndall Australian Share Income Fund from 0.95 per cent a year to 0.85 per cent effective from 1 July.
He said that as part of the same review, Nikko AM Australia had also decided to simplify its existing product range and improve accessibility for investors by reducing the minimum initial investment amount for its flagship retail funds to $20,000.