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BT Multi-manager funds added to BT Wrap Advantage Program
Thousands of BT Wrap customers will receive additional fee rebates on four BT Multi-manager funds as a result of their inclusion in the Group’s Wrap Advantage program.
The BT Multi-manager Balanced, Conservative, Growth and High Growth funds will join the existing group of 65 Wrap Advantage funds, which form a subset of BT Wrap’s total investment menu of over 700 managed funds by some 85 fund managers as well as ASX 300 listed shares.
Chris Freeman, Head of BT Wrap Solutions said the 10 basis point rebate on the four Multi-manager funds would see around $400,000 returned to investors over the next 12 months.
“Since launching the program in March this year, we’ve already returned over $2.4 million in fee rebates to investors,” Mr Freeman said.
Mr Freeman confirmed the decision to add BT’s Multi-managers products to the Wrap Advantage program was driven by growing adviser demand for cost-effective, high quality multi-manager products.
“In the past year alone, our Multi-manager funds have grown by over 20 per cent and now represent around $2.5 billion,” Mr Freeman said.
“Advisers are increasingly turning to multi-manager funds to provide clients with diversity in a cost-effective manner."
“The additional fee rebate will deliver an extra layer of value for advisers and investors to consider when selecting an appropriate multi-manager fund as part of their investment portfolio."
“The addition of BT’s Multi-manager funds to our Wrap Advantage program not only delivers cost savings to investors, but enables us to bring investment managers and dealer groups together to increase efficiency and improve service to thousands of advisers and investors,” he said.
Stewart Brentnall, Head of BT Investment Solutions, said the success of the funds could be attributed to BT’s strong internal investment team, effective use of globally recognised investment consultant, Watson Wyatt, and commitment to a wide range of investment strategies, including alternative assets.
BT’s Multi-manager products are Recommended by Lonsec, ‘Buy Rated’ by IWL and recently received four apples in Chant West’s 2008 multi-manager review, reflecting their belief in the high quality nature of the products and the likelihood of achieving investment objectives.
BT’s Wrap platforms are used by over 5000 advisers and almost 120,000 investors, and represent over $39 billion in funds under administration. BT’s platforms recorded the highest net flows in the September quarter according to Plan for Life.
About Wrap Advantage
Launched in March 2007, BT Wrap Advantage is a new initiative which brings fund managers and dealer groups together through BT’s Wrap platforms to deliver cost savings, increased efficiency and improved service to thousands of advisers and investors.
“Through Wrap Advantage, we’ve been able to work with a handful of fund managers and dealer groups to provide an additional point of difference between the hundreds of managed funds available to investors through our platforms,” Chris Freeman, BT Financial Group’s Head of Wrap Solutions said. “This means that where a product meets the needs of an investor and passes the rigorous research and assessment criteria set by the dealer groups, there is an additional dimension around value - in the form of a direct rebate to the investor - that can form part of the decision making process.”
BT Wrap Advantage is a subset of the 700 managed funds offered by some 85 fund managers as well as ASX 300 shares that continue to be offered through BT’s Wrap platform. The 15 fund managers participating in the Wrap Advantage investment series offer investors a 10 basis point rebate on 69 managed funds. This rebate is clearly disclosed to investors on all statements and on the Wrap DeskTop. The rebate is paid monthly to the investor’s administration account and can be reinvested or withdrawn as cash. The participating fund managers are: APN; Australian Unity; BlackRock; Challenger; Colonial First State; Deutsche; Fidelity; Franklin Templeton; Lazard; Legg Mason; Portfolio Partners; T. Rowe Price; Tyndall; Zurich; and, BT Investment Management.