House of Assembly Fifty-Fourth Parliament, First Session (54-1) 54 1 Parliament of South Australia House of Assembly published Estimates Replies Funds SA Funds SA The Hon. S.C. MULLIGHAN House of Assembly Lee Funds SA In reply to the Hon. S.C. MULLIGHAN (Lee) (21 September 2018). (Estimates Committee B) The Hon. R.I. LUCAS House of Assembly Treasurer The Hon. R.I. LUCAS (Treasurer): I have been advised of the following: Funds SA assesses total investment related fees/costs incurred by calculating an Indirect Cost Ratio (ICR). The ICR represents the total investment costs/expenses as a percentage of funds under management and is a standard expense measurement tool used in the funds management and superannuation industry. Types of fees/costs included in Funds SA's ICR include: Fund manager fees, including performance fees Fees/costs incurred by underlying funds in which Funds SA are directly or indirectly invested Transaction costs Corporate expenses Custody fees For the year ended June 2018, the total ICR incurred by Funds SA was 1.03%, or $10,300 per $1 million. For the year ended 30 June 2018, total Fund Manager Fees were $220.6 million. All returns earned by Funds SA investors are reported after the payment of fees and, where appropriate, Super SA administration fees.