In the wake of Asgard’s proposed rebate increases (report above), BT may also soon raise the rebates it charges managers on inflows received from its wrap platform.
According to Chris Freeman, BT head of retail sales, the group is currently reviewing its rebate policy but he could not confirm whether an increase was likely soon. “I’d prefer not to comment just now,” Freeman said. “All I can say is it is under review.” It is understood BT had proposed a package raising minimum fees by up to 50 per cent for its next roll, but this is being reconsidered after resistance from managers. It is understood BT has presented managers with ‘letters of permission’ from 10 dealer groups which badge its wrap, including Count, authorising BT to negotiate on their behalf. The possible rebate hike comes after BT raised its wrap ‘shelf space’ fees in July, with each manager now facing fees of $25,000 plus a further $5,000 per fund to list on the platform compared to the previous charges of $5,000 per company and $3,500 per product. Freeman said the increase in July was an adjustment “up to market”. “It was the first time we had reviewed shelf space fees since 2000,” he said. “It’s only a cost recovery exercise to cover services such as fund manager reporting. There is no basis points charge.” BT recently announced its funds under administration on the platform had surpassed $25 billion with most coming from the 48 badged versions of the wrap currently on the market.
The $355 billion AustralianSuper has acquired a $1.4 billion European industrial and logistics portfolio, owned by OMERS real estate subsidiary Oxford Properties. The nation’s biggest fund is targeting a $7.5 billion valuation for the venture and $35 billion allocation in European and UK region before 2030, supported by its biggest international office in London with 121 employees.
Darcy SongJanuary 14, 2025
