BT hands fees back to investors
BT Funds Management has reimbursed investors in its Aussie equities fund to the tune of $2.4 million in management fees due to poor performance. BT's fund lost 12.6 per cent for the year to May compared with the S&P ASX 300 Accumulation Index which fell 6.9 per cent in the same period. The fund has substantially underperformed its peers since the late 1990s.
Westpac-owned BT decided to reimburse the management fees to investors after discussions with Van Eyk Research. BT's performance was lifted back into the top 50 per cent for all funds after the decision. The $2.4 million rebate represents 33 per cent of the management fees to retail investors and 52 per cent to wholesale investors.