Retiree needs are in acute conflict : Magellan | Professional Planner
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The fund had only two access points, either via the traditional application and redemption process or via stock exchange Chi-X, but the firm hoped to have it added to platforms in the future.
Managed by Paddy McCrudden, Magellan head of retirement solutions and data science, the expected annual yield was 4.24%, with a management fee of 1% pa and no performance fee.
Brett Cairns, Magellan chief executive, said being able to offer this on an exchange was important for the fund.
“When you sell something on exchange, you’re transferring the unit to someone and not redeeming it, so those reserves and the benefit of those reserves carries with it [to the next holder],” Cairns said.