Friday, 10 July 2020
Investment Menu News
This page summarises recent changes involving product issuers, managed investments and listed securities offered through Macquarie Wrap.
For a more comprehensive list, please refer to the Investment Menu on the Wrap website. We strongly recommend you check this on a regular basis. Important Notices
Review important managed investment updates and information that may affect your clients
Type of update Product Issuer / Fund Name / APIR Code Communication
FEE / SPREAD CHANGES Colonial First State Investments Ltd Management fee reductions effective 8 June 2020.
Aspect Diversified Futures Fund – Class A FSF1086AU
Franklin Templeton Investments Aust Ltd Fee changes and updated disclosure documents effective 1 July 2020.
Franklin Templeton funds on wrap
MLC Investments Ltd (MLC) Spread changes effective 26 June 2020 Masterkey Unit Trust Funds
MLC Wholesale Funds – including MLC Inflation Plus, Horizon, Asset Class and Pre- Select funds.
Spread changes effective 22 June 2020. Nikko Asset Management Limited
Nikko AM Australian Bond Fund TYN0104AU
Perpetual Investment Management Limited Spread changes for Perpetual Wholesale Fixed Income and Diversified funds effective 19 June 2020 Perpetual Wholesale Fixed Income and Diversified funds on wrap Spread changes for WealthFocus and PST funds effective 19 June 2020
WealthFocus and PST funds on wrap
Schroder Investment Management Fee reductions effective 1 October 2020 Australia Limited
Schroder funds on wrap
State Street Global Advisors, Australia Fee changes effective 1 July 2020 Services
State Street Australian Equity Fund SST0048AU
State Street Global Equity Fund SST0050AU
UBS Global Asset Management Ltd Spread changes effective 17 June 2020
UBS funds on wrap
FUND UPDATES AMP Capital Investors Ltd Leadership transition
All AMP Capital funds on wrap AMIT Implementation
Charter Hall Direct Property Management Sale of units Ltd Recent property acquisition Charter Hall Direct CDC Trust MAQ0834AU
Charter Hall Direct PFA Fund MAQ5880AU
Cromwell Property Group Liquidity event commenced 1 July 2020 giving investors the opportunity to withdraw from the Fund. The offer will conclude at 5pm AEST on Friday 31 July 2020. Wrap's cut off is 12 pm, Cromwell Direct Property Fund CRM0018AU Thursday 30 July 2020.
The fund is paying prorated redemptions for the May 2020 redemption period. This has now been processed and paid to investors. Any unfulfilled redemption orders will be cancelled, and advisers will need to place another redemption if they wish to continue to redeem.
LM Investment Management Limited (LM) BDO the liquidator of the Funds provides details of the progress made in the winding up of the Fund. LM Wholesale Mortgage Income Fund LMI0007AU Regular fund updates can also be found on http://www.lmfmif.com/
LM Wholesale Mortgage Income Fund 12 months LMI0008AU
Macquarie Investment Management Sales of assets and wind-up update Australia Limited
Macquarie Global Infrastructure Trust II MAQ0353AU
Perpetual Investment Management Limited Standard Risk Measures changes effective 29 June 2020
Perpetual wholesale and Wealthfocus funds on wrap
Platinum Investment Management Limited Trade date changes effective on or around 4 August 2020.
Platinum Trusts on wrap
Primary Securities Ltd Fund update - Primary is making a payment to all unit holders of 2.5 cents per unit, which is a capital payment. Addwealth Achiever Fund TAM0001AU
Vanguard Investments Australia Ltd
Vanguard Ethically Conscious International Fund changes Shares Index Fund VAN8175AU Fund changes Vanguard Ethically Conscious International Shares Index ETF ASX: VESG
Vanguard Ethically Conscious Global Aggregate Bond Index Fund (Hedged) VAN2989AU
Vanguard Ethically Conscious Global Aggregate Bond Index (Hedged) ETF ASX: VEFI
FUND CLOSURES / Challenger Retirement Services Limited Closed to applications effective 30 June 2020 TERMINATIONS Challenger Guaranteed Pension Fund 30 June 2021 HOW0096AU
GSFM Responsible Entity Services Limited Final termination proceeds have been received and paid to investors. The Fund is no longer an available investment through us.* Triple3 Volatility Advantage Fund GSF0009AU
Macquarie Investment Management Hard Closure Limited (MIML) MIML as the responsible entity of the Separately Managed Account (SMA) has advised the Apt Wealth Partners Balanced Model Portfolio closure of this SMA model to applications and autoplans* SMAAPT01S Important:
Applications All applications received on or after 23 June 2020 will not be processed and will be cancelled by us. Application monies will be returned to investors.
Redemptions The SMA will continue to accept redemptions across all products.
PRODUCT DISCLOSURE AQR Capital Management, LLC Effective 1 July 2020. Click here for a summary of the key changes. UPDATES (PDS) AQR Wholesale DELTA Fund - Class IF PER0554AU
AMP Capital Investors Ltd
AMP Capital Corporate Bond Fund - Class A Effective 29 June 2020. Click here for a summary of the key changes. AMP0557AU Effective 29 June 2020. Click here for a summary of the key changes. AMP Capital Global Infrastructure Securities Fund - Unhedged AMP1593AU Effective 29 June 2020. Click here for a summary of the key changes.
AMP Capital Global Property Securities Fund Effective 29 June 2020. Click here for a summary of the key changes for the Listed Property Class A AMP0974AU Trusts.
AMP Capital Listed Property Trusts - Class A AMP0255AU
K2 Asset Management Ltd Effective 1 July 2020. Main change to the RG97 disclosures. K2 Asian Absolute Return Fund KAM0100AU
K2 Australian Absolute Return Fund KAM0101AU
K2 Select International Absolute Return Fund ETL0046AU
Mercer Investments (Australia) Limited Effective 1 July 2020. Click here for a summary of the key changes. (MIAL)
Mercer High Growth Fund MIN0012AU
Mercer Moderate Growth Fund – Active Units MIN0014AU
Mercer Conservative Growth Fund – Active Units MIN0009AU
T. Rowe Investments Pty Ltd
T. Rowe Price Dynamic Global Bond Fund - I Effective 1 July 2020. Click here for a summary of the key changes. class ETL0398AU
T. Rowe Price Global Equity (Hedged) Fund - I Class ETL0071AU
T. Rowe Price Global Equity Fund - M Class ETL8482AU
Macquarie Investment Management Effective 1 July 2020. Main changes including updating the fees and costs disclosure to comply Australia Limited with RG97.
MIMAL funds on wrap
UBS Global Asset Management Ltd Effective 23 June 2020. The Fund name has been updated to UBS Short-Term Fixed Income Fund (previously the UBS Cash-Plus Fund). UBS Short-Term Fixed Income Fund SBC0812AU
UNIT PRICING ERRORS Aberdeen Standard Investments Australia Aberdeen has advised of a unit pricing error that impacted the Fund between 19 July 2019 to 29 Limited November 2019. To correct the error, Aberdeen have compensated investors in cash. We are in the process of paying these proceeds to eligible investors. Aberdeen Standard Australian Fixed Income Fund CRS0004AU
Following on from the unit pricing update on 21 November 2019, FIL have now compensated FIL Investment Management (Australia) investors in cash. We are in the process of paying these proceeds to eligible investors. Ltd (FIL)
Fidelity Asia Fund FID0010AU
Fidelity Global Demographics Fund FID0023AU
Fidelity Global Emerging Markets Fund FID0031AU
Fidelity Global Equities Fund FID0007AU
Fidelity India Fund FID0015AU
Ironbark Asset Management (Fund Ironbark has advised of a unit pricing error that impacted the Fund between 12 April 2020 to 21 Services) Limited April 2020. To correct the error, Ironbark have returned investors accounts to the position they would have been in, had the error not occurred. Ironbark GCM Global Macro Fund DEU0109AU
Legg Mason Asset Management Australia Legg Mason has advised of a unit pricing error that impacted the Fund between 15 February 2019 Limited to 9 December 2019. To correct the error, Legg Mason are compensating investors in cash. We are in the process of paying these proceeds to eligible investors. Legg Mason Western Asset Global Bond SSB8320AU
Aberdeen proposed changes to the constitutions for all their funds has been approved. Click here UNITHOLDER MEETINGS Aberdeen Standard Investments Australia to read more on the changes. Limited
Aberdeen Standard funds on wrap
* We offer several automated functions which rely on funds in the investor's portfolio remaining liquid. It's important to review impacted clients' accounts to ensure liquidity is enough to fund any automated transactions. Please note, where funds have been hard-closed, they have been removed from all future automatic plans (both top-up and sell-down plans) that are currently in place for your clients. Please review your clients’ accounts to determine whether any of these funds should be sold down manually and removed/replaced from their contribution and sell-down profiles.
General Product Issuer Updates
Technical and product information such as Fund manager research, market highlights, and more
Fund Name / APIR Product Issuer Communication Code Aberdeen Standard Investments Australia N/a Limited Smaller Companies: ESG best practice La Trobe Financial N/a Investor update June 2020
Macquarie Investment Management Australia N/a Limited Insights from the Macquarie Fixed Income Strategic Forum
Morningstar Investment Management AustraliaN/a Ltd Crisis or opportunity? 3 simple ways to think about markets today
Russell Investment Management Limited N/a 2020 Global Market Outlook - Q3 update
New managed investments effective 1 July 2020
Key: IDPS - Investment Consolidator/Manager SP - Super and Pension Consolidator/Manager SA - Investment and Super Accumulator
Managed Funds
rebate (bps) APIR code Fund Name IDPS SP SA inc GST BPF0029AU Bell Global Emerging Companies Fund 5bps BFL7394AU 4D Emerging Markets Infrastructure Fund PIM7802AU Fairlight Global Small & Mid Cap (SMID) Fund DFA7518AU Dimensional World Allocation 70/30 Sustainability Trust Already administered MAQ0443AU Macquarie Australian Shares Fund PER6115AU Perpetual Diversified Real Return Fund - Class Z units Already administered VAN2989AU Vanguard Ethically Conscious Global Aggregate Bond Index Fund (Hedged) -
AUD Hedged
Wholesale Managed Funds (IM) *
rebate (bps) inc ASX Code Scheme Name IDPS SP GST GTU8355AU INVESCO Credit Partners Opportunities 2020 Fund (IM)
* Restricted to wholesale investors and specific dealer groups
Fund like securities
ASX Code Scheme Name IDPS SP
ATEC BetaShares S&P/ASX Aus Technology FEMX Fidelity Global Emerging Markets Fund
Corporate Actions and Class Actions
Important information on listed securities (including exchange traded funds) that can be held on Wrap, and any updates on recent class actions.
Corporate actions Where a corporate action (provided if it is not compulsory) will result in an asset that we cannot administer in the service, we may limit or not offer the ability to take up the election. If there is a compulsory corporate action that results in an asset that we cannot administer, we reserve the right to pass on additional charges and costs incurred in the process of acquiring, managing and disposing of the asset. Assets that we cannot administer in the service include but are not limited to:
1. Unlisted shares 2. Foreign currency 3. Shares not on an approved exchange 4. Physical assets and commodities.
Physical settlement of underlying assets Conversion or settlement into the physical underlying assets of an investment you hold cannot be administered on the platform. Such investments include but are not limited to:
1. CHESS Depository Interests 2. Warrants of international equities 3. Exchange Traded Funds 4. Exchange Traded Commodities 5. Exchange Traded Certificates.
Dividend Bonus Share Plans (BSP) BSP (also known as dividend share substitution plans) are not administered on the platform.
Please refer to CAPS Online via corporate actions > corporate actions calendar for other options available to your clients for the corporate actions shown below, and to be kept up to date with the details around other recent corporate actions.
Please ensure that instructions to settle IPO trades are provided to us no later than 3 business days before settlement date and that accounts are funded at this point.
Security ASX Code Communication BLD Boral Limited We have been advised that Maurice Blackburn and Phi Finney McDonald are soliciting class actions against Boral Limited.
The proposed class actions allege that Boral Ltd (BLD:ASX) engaged in misleading and deceptive conduct and breached its continuous disclosure obligations.
Maurice Blackburn alleges this breach to have occurred in the period 30 August 2017 to 10 February 2020 and Phi Finney McDonald alleges this breach to have occurred in the period 21 November 2016 to 10 February 2020.
Maurice Blackburn will be self-funding this class action, whereas Phi Finney McDonald will utilise Therium Litigation Finance Atlas AFP IC to fund their class action. Both class actions will proceed on a “no win, no fee” basis.
As Maurice Blackburn is self-funding this class action, clients who participate with Maurice Blackburn may receive a higher payment if the class action is successful, as fees will not be paid to a litigation funder.
Based on this, any clients eligible to participate in this class action via Maurice Blackburn, will participate with Maurice Blackburn. Any clients that are unable to participate with Maurice Blackburn will participate with Phi Finney McDonald.
For more information on the class action, please visit the:
Maurice Blackburn website: https://www mauriceblackburn.com.au/class-actions/current-class-actions/boral-shareholder-class-action/; or Phi Finney McDonald: https://phifinneymcdonald.com/projects/
We will only include active clients as of 12 June 2020 who had wrap holdings during this period.
Action required: Advisers must notify us by 5pm (Sydney time) Thursday 9 July 2020 if their eligible investment clients do not wish to participate in the proposed class action or if their client intends to participate separately.
How to notify us: email – provide an email instruction to [email protected] fax – print, sign and fax an instruction to 1800 281 476.
Please note:
All eligible investment clients with an active account will be participated in the proposed class action where we have determined that:
those clients held the applicable security in an investment account during the declared time participation in the class action is on a “no win, no fee” basis.
Super and pension clients will be automatically included where it is deemed to be in their best interest. EGI Ellerston Global EGI has recently announced a proposal to restructure EGI, by way of a Scheme of Arrangement. Investments Limited ASX announcement 10 June 2020
ASX announcement 18 June 2020
Foreign Tax (including W8BENs)
W8BENs
Investors who are not US citizens or US residents for tax purposes and hold dual listed securities listed in the US, are required to complete a Declaration of Foreign Residency (or ‘W-8BEN form’). Equivalent forms may also be needed and provided for securities listed or dually listed in other nations, such as Canada and Ireland.
Each security now requires that your clients complete a separate W-8BEN form per beneficial owner. Entities are still required to complete the W-8BEN-E form.
Search ‘W8BEN’ on Adviser Help Centre to download foreign tax forms and access useful information regarding foreign tax requirements.
Indicative due dates for Foreign Tax forms for this quarter are given below. Please allow 30 days for Wrap to receive, process and pass on your instructions to the relevant Third Party. Any forms received within 30 days of the record date will be processed on a best efforts basis and may not be lodged with the share registry by the record date.
More information on how to complete Foreign Tax documentation, please refer to the tax website.
Security Code Record Date
AngloGold Ashanti Limited AGG 13 March 2020
Coronado Global Resources Inc CRN 10 March 2020
James Hardie JHX 18 November 2019
Kirkland Lake Gold Ltd KLA 31 March 2020
News Corporation NWS 11 March 2020
News Corporation Non Vote NWSLV 11 March 2020 Resmed RMD 13 February 2020
Vanguard All-World ex-US Shares Index ETF VEU 24 March 2020
Vanguard US Total Market Shares Index ETF VTS 27 March 2020
Useful information
Financial Hardship Relief
To date ASIC has granted Financial Hardship Relief to the following managed investments.
Charter Hall Direct Property Fund (MAQ0448AU) LM Wholesale Mortgage Income Fund (LMI0007AU) LM Wholesale Mortgage Income Fund 12 mths (LMI0008AU)
For more information on the hardship relief process, contact us on 1800 025 063.
Updated offer documents
Where applicable, new offer documents can be accessed from the Resources section of the Wrap website.
Your clients must be notified of any changes to the offer document, so ensure that your clients are kept fully informed by sending them the information and documentation relevant to their investments.
Illiquid Asset Fee Exclusions
Please see here for a list of illiquid assets that are excluded from FUA-based administration and advice fee calculations.
Contact us
Phone: 1800 025 063
Email: [email protected]
This information is provided for the use of licensed financial advisers only. In no circumstances is it to be used by a potential investor for the purposes of making a decision about a financial product or class of products. This advice is not personal advice. This advice has been prepared without taking account of investors' objectives, financial situation or needs.