INVESTMENT costs among Singapore's retail funds remain stubbornly high, exacting a substantial toll in terms of net returns for investors.
The upshot of all this is that retail investors are stuck with intractably high costs. And, lower cost funds which pay little or no trails struggle to raise assets. Second, trail fees create a potential mis-alignment of interests. While they are part of the routine disclosures that distributors must comply with, there is little visibility on the varying proportions that the sellers or advisers are able to negotiate as their share. More aggressive fund firms will pay larger trails. A lot depends too on the negotiating clout of the distributor.
This is why private banks' discretionary portfolios are likely invested in institutional or"clean-fee" share classes of funds with no trail fees. In Singapore, UBS this year made its Advice platform retrocession-free. Credit Suisse says its discretionary portfolios are retrocession-free. Even its advisory solution"Credit Suisse Invest" is retrocession-free.
Source: News Formal (newsformal.com)
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