Wholesale Plus Funds Product Disclosure Statement updates

Effective from 1 November 2018, the Australian Financial Complaints Authority (AFCA) will be replacing the Financial Ombudsman Service Australia (FOS).

The Product Disclosure Statements for all Wholesale Plus funds are updated by deleting the last paragraph in the section titled ‘How to apply’ and replacing it with the following:

If you wish to raise a complaint please contact your investment service or superannuation fund Operator. Customer Relations can assist you in this regard on 1800 287 873. If your complaint isn't resolved to your satisfaction, you may lodge a complaint:

with the Financial Ombudsman Service Australia if lodged before 1 November 2018:
Online: www.fos.org.au
Email: info@fos.org.au
Phone: 1800 367 287
Mail: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001; or

with the Australian Financial Complaints Authority if lodged on or after 1 November 2018:
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001

This notice contains important updating information to the Product Disclosure Statements (PDSs) listed in this document. This notice and the PDSs are issued by BT Funds Management Limited ABN 63 002 916 458 AFSL No. 233724 ('BTFM') or Westpac Financial Services Limited ABN 20 000 241 127 AFSL No. 233716 ('WFSL') the responsible entity of, and issuer of units in the relevant Wholesale Plus funds listed in this document. The investment manager named in this document has given and not withdrawn their consent to the inclusion in the relevant PDSs of all information referable to them in the form and context in which that information appears.

This information should be read together with the relevant PDS, which is available at bt.com.au/wholesaleplus or from your adviser. If you have any questions, please discuss them with your adviser or contact us.

Please note that the information in this notice is factual only and has been prepared without taking account of your objectives, financial situation or needs, so you should consider its appropriateness having regard to these factors before acting on it.

We have been advised by BT Investment Management Limited (BTIM) that, effective from the 4 May 2018, they have changed their company name to Pendal Group Limited (Pendal). Therefore, effective 7 May 2018, all references in the PDSs to the BTIM group entities listed in the table below have changed their name as noted.

Current Legal Entity Name	New Legal Entity Name
BT Investment Management Limited	Pendal Group Limited
BT Investment Management (Fund Services) Limited	Pendal Fund Services Limited
BT Investment Management (Institutional) Limited	Pendal Institutional Limited

 

Furthermore, effective 7 May 2018, the below listed Wholesale Plus underlying funds will change their name as listed below, updating all references in their relevant PDS:

Current Underlying Fund Name	New Underlying Fund Name	PDS
BT Global Emerging Markets Opportunities Fund - Wholesale	Pendal Global Emerging Markets Opportunities Fund - WS	BT Global Emerging Markets Opportunities Fund - Wholesale Issued: 18 Sept 2017
BT Wholesale Fixed Interest Fund	Pendal Fixed Interest Fund	BT Wholesale Fixed Interest Fund Issued: 18 Sept 2017
BT Wholesale Active Balanced Fund	Pendal Active Balanced Fund	BT Wholesale Active Balanced Fund Issued: 18 Sept 2017
BT Wholesale Moderate Fund	Pendal Active Moderate Fund	BT Wholesale Moderate Fund Issued: 18 Sept 2017
BT Wholesale Property Securities Fund	Pendal Property Securities Fund	BT Wholesale Property Securities Fund Issued: 18 Sept 2017
BT Wholesale Core Australian Share Fund	Pendal Australian Share Fund	BT Wholesale Core Australian Share Fund Issued: 18 Sept 2017
BT Wholesale Future Goals Fund	Pendal Active Growth Fund	BT Wholesale Future Goals Fund Issued: 18 Sept 2017
BT Wholesale Conservative Outlook Fund	Pendal Active Conservative Fund	BT Wholesale Conservative Outlook Fund Issued: 18 Sept 2017
BT Wholesale High Growth Fund	Pendal Active High Growth Fund	BT Wholesale High Growth Fund
BT Wholesale Global Property Securities Fund	Pendal Global Property Securities Fund	BT Wholesale Global Property Securities Fund Issued: 18 Sept 2017
BT Wholesale Core Global Share Fund	Pendal Core Global Share Fund	BT Wholesale Core Global Share Fund Issued: 18 Sept 2017

 

Furthermore, effective 25 June 2018 the BT Wholesale Plus Funds listed will change their name to reference Pendal, updating all references in the relevant PDS:

Current Wholesale Plus Fund Name	New Wholesale Plus Fund Name	ARSN Code	APIR Code
BT Wholesale Plus Global Emerging Markets Opportunities Fund	Pendal Wholesale Plus Global Emerging Markets Opportunities Fund	602 190 483	BTA0550AU
BT Wholesale Plus Fixed Interest Fund	Pendal Wholesale Plus Fixed Interest Fund	602 130 290	BTA0547AU
BT Wholesale Plus Active Balanced Fund	Pendal Wholesale Plus Active Balanced Fund	612 671 155	WFS0861AU
BT Wholesale Plus Moderate Fund	Pendal Wholesale Plus Active Moderate Fund	612 671 593	WFS0860AU
BT Wholesale Plus Property Securities Fund	Pendal Wholesale Plus Property Securities Fund	602 129 859	BTA0540AU
BT Wholesale Plus Core Australian Share Fund	Pendal Wholesale Plus Australian Share Fund	601 830 200	BTA0476AU
BT Wholesale Plus Future Goals Fund	Pendal Wholesale Plus Active Growth Fund	612 670 836	WFS0862AU
BT Wholesale Plus Conservative Outlook Fund	Pendal Wholesale Plus Active Conservative Fund	612 671 253	WFS0859AU
BT Wholesale Plus High Growth Fund	Pendal Wholesale Plus Active High Growth Fund	612 670 621	WFS0863AU
BT Wholesale Plus Global Property Securities Fund	Pendal Wholesale Plus Global Property Securities Fund	602 129 966	BTA0541AU
BT Wholesale Plus Core Global Share Fund	Pendal Wholesale Plus Core Global Share Fund	602 109 599	BTA0536AU

 

BT Funds Management Limited ABN 63 002 916 458 AFSL No. 233724 ('BTFM') or Westpac Financial Services Limited ABN 20 000 241 127 AFSL No. 233716 ('WFSL') is the responsible entity of, and issuer of units in the relevant Wholesale Plus funds listed in this document (each a 'Fund'). A Product Disclosure Statement (‘PDS’) is available for each Fund and can be obtained from your financial adviser, by calling 1800 287 873 or visiting bt.com.au/wholesaleplus. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of units in a Fund. BTFM and WFSL are subsidiaries of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (‘Westpac’). An investment in a Fund is not an investment in, deposit with, or other liability of Westpac or any other company in the Westpac Group. An investment in a Fund is subject to investment risk, including possible delays in the payment of withdrawals and loss of income and principal invested. No member of the Westpac Group, including BTFM and WFSL, stands behind or otherwise guarantees the capital value or investment performance of any Fund. The information in this document is general information only and does not take into account your objectives, financial situation or needs, so you should consider whether it is appropriate for you having regard to your objectives, financial situation and needs.

21 March 2018 - Change to buy spread for the Aberdeen Wholesale Plus Actively Hedged International Equities Fund

Ef­fec­tive from the 21st of March 2018, the buy spread for the Aberdeen Wholesale Plus Actively Hedged International Equities Fund (ARSN 601 829 332 APIR BTA0479AU) has changed from +0.50% to + 0.30%

Change to disclosure for the K2 Wholesale Plus Australian Absolute Return Fund

The Product Disclosure Statement for the K2 Wholesale Plus Australian Absolute Return Fund (APIR: BTA0566AU) dated 27 December 2017 (PDS) has been updated as detailed below:

Distributions

In section 3.7, ‘Distributions’, the sentence, “The Fund generally pays distributions half yearly and under special circumstances may pay special distributions.”, has been deleted and replaced with, “The Fund generally pays distributions annually and under special circumstances may pay special distributions.”. This update actually reflects the frequency of distributions paid by the fund to its members currently.

Investment strategy

In the table in Section 2, ‘Fund features at a glance’, the ‘Investment Strategy’ section has been updated so that the sentence, “The Underlying Fund typically holds between 40 and 80 different stocks in a range of sectors.” has been deleted and replaced with, “The Underlying Fund typically holds up to 80 different stocks in a range of sectors.”

Under section 4.5, ‘The Fund’s investment strategy’, the sentence, “The Underlying Fund typically holds between 40 and 80 different stocks, across sectors and regions that the K2 investment team believes will add the greatest value.”, has been deleted and replaced with, “The Underlying Fund typically holds up to 80 different stocks, across sectors and regions that the K2 investment team believes will add the greatest value.”

Change to disclosure for the Perpetual Wholesale Plus Global Share Fund

The Product Disclosure Statement for the Perpetual Wholesale Plus Global Share Fund (APIR: WFS0865AU) dated 27 December 2017 has been updated to reflect that the underlying fund’s performance is measured against the MSCI World Net Total Return Index (AUD) for the purpose of reporting and determining  whether performance fees are payable.

In the table in section 5, ‘How we invest your money’, the ‘Investment Strategy’ section has been updated so that the sentence, “constructing a portfolio with a framework that is benchmark independent in terms of stock and sector weights” has been deleted and replaced with, “constructing a portfolio that is benchmark independent in terms of stock and sector weights, although the underlying fund’s performance is measured against the MSCI World Net Total Return Index (AUD) for the purpose of reporting and determining whether performance fees are payable”. 

Effective from 1 July 2017, indirect costs (including any expense recoveries) relating to an Underlying Fund into which a Wholesale Plus Fund invests (where applicable), will be reflected in the value of the investment in the Underlying Fund, and in turn reflected in the unit price for the relevant Wholesale Plus Fund. This is in accordance with prior and current disclosure in Product Disclosure Statements for the Wholesale Plus Funds. Going forward, any indirect costs relating to the Underlying Funds will be disclosed as a separate category of costs in the relevant Product Disclosure Statements for the Wholesale Plus Funds dated 1 July 2017.

Effective from 1st of March 2017, the responsible entity for the Underlying Fund for the PIMCO Wholesale Plus Diversified Fixed Interest Fund (APIR: BTA0499AU) and the PIMCO Wholesale Plus Global Bond Fund (APIR: BTA0498AU) has changed from Equity Trustees Limited (ABN 46 004 031 298 AFSL 240975) to PIMCO Australia Management Limited (ABN 37 611 709 507 AFSL 487505).

Effective from the 31st of January 2017, the Underlying Fund for the NAM-Tyndall Wholesale Plus Australian Share Fund (APIR BTA0537AU ARSN 602 109 231) has changed its name from Nikko AM-Tyndall Australian Share Fund to Nikko AM Australian Share Fund.

Effective from the 30th of November 2016, the responsible entity of the Underlying Fund for the RARE Infrastructure Wholesale Plus Value Fund – Hedged (APIR: BTA0543AU) and the RARE Infrastructure Wholesale Plus Value Fund – Unhedged (APIR: BTA0546AU) has changed from Treasury Group Investment Services Limited (ABN 38 099 932 920 AFSL 227326) to Legg Mason Asset Management Australia Limited (ABN 76 004 835 849 AFSL 240827).

Effective from the 16th of April 2016, the foreign currency exposure may be hedged up to 10% of the Underlying Fund for T. Rowe Price Global Equity Fund (APIR: BTA0538AU). The hedges will not be made against the Australian dollar but rather will generally be made against the US dollar. The portfolio manager of the Underlying Fund does not anticipate hedging to be a permanent feature of the Underlying Fund nor view currency as a primary source of generating returns.

Effective from the 1 July 2015, the management fee for the Man AHL Wholesale Plus Alpha AUD (Fund) will be lowered to 1.30% p.a. of the NAV of the Fund. Accordingly section 7.2 (Example of annual fees and cost of the Fund) of the Product Disclosure Statement for the Man AHL Wholesale Plus Alpha AUD is updated as follows:
This table gives an example of how the fees and costs of the Fund can affect your investment over a one-year period. You should use this table to compare this product with other managed investment products.

Example – Man AHL Wholesale                 Balance of $50,0001 with a contribution 
Plus Alpha (AUD)                                                    of $5,0001 during year
       

Contributions fees	$0	For every additional $5,000 you put in, you will be charged $0.
PLUS Management fees + estimated Performance fee2	1.30% + 1.08%2	And, for every $50,000 you have in the Fund you will be charged $1,190 each year.
EQUALS Cost of Fund		If you had an investment of $50,000 at the beginning of the year and put in an additional $5,000 during that year you would be charged fees of: $1,1903 What it costs you will depend on the fees you negotiate.

1. This amount is prescribed by legislation. The example assumes that the $50,000 is invested for the entire year, the value of the investment is constant over the year and the additional $5,000 is invested at the end of the year.
2. The estimated performance fee is based on the performance fee paid in relation to AHL Strategies over the 12 months to 31 December 2013. The use of this estimate is not an indicator or guarantee of future performance. The actual performance fee and therefore the management costs will vary, depending on the actual return of AHL Strategies. A performance fee will not always be payable. Please refer to ‘Performance fee- Underlying Fund’ in section 7.3 of the Product Disclosure Statement for more information.
3. Additional fees may apply. Please note this example does not capture all the fees and costs that may apply to you, such as the buy-sell spread.

Effective from the 26th May 2015, the performance fee was removed for the Underlying Fund for the Wingate Wholesale Plus Global Equity Fund, being Wingate Global Equity Fund – Wholesale Units (ARSN 132 393 705). The performance fee information in the Product Disclosure Statement for the Wingate Wholesale Plus Global Equity Fund is no longer applicable.