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House of Assembly - Fifty-Fourth Parliament, First Session (54-1)
2019-09-11 Daily Xml
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Funds SA

In reply to the Hon. S.C. MULLIGHAN (Lee) (24 July 2019). (Estimates Committee B)

The Hon. R.I. LUCAS (Treasurer): I have been advised 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 is directly or indirectly invested

Transaction costs

Corporate expenses

Custody fees

For the year ended 30 June 2019, the total ICR incurred by Funds SA was 0.88 per cent, or $8,800 per $1 million. For the year ended 30 June 2019, total fund manager fees were 0.62 per cent, or $202.9 million. Across the Funds SA investment options, the range of fees paid directly by Funds SA to investment managers for the year ended 30 June 2019 were as follows:

Cash, 0.05 per cent

Capital Defensive, 0.30 per cent

Conservative, 0.35 per cent

Moderate, 0.50 per cent

Balanced, 0.60 per cent

Growth, 0.66 per cent

High growth, 0.67 per cent

Defined benefit strategy, 0.79 per cent

All returns earned by Funds SA investors are reported after the payment of fees.

A summary of funds under management (by manager as at 30 June 2019) is attached.

Fund Manager Total Funds SA FUM
Macquarie $2,397,102,199
Vinva $1,813,071,284
AMP $1,571,217,725
Investors Mutual $1,453,621,655
MFS $1,307,358,917
Greencape Capital $1,286,115,279
LSV $1,232,833,427
Northcape Capital $1,195,865,522
Harding Loevner $1,168,802,106
Dexus $1,153,607,211
Mondrian $1,126,366,860
Invesco $1,104,073,706
AQR $1,000,304,453
BlackRock $906,019,711
GMO $837,219,355
Bridgewater $804,165,261
Colonial First State $801,547,013
Ardea $795,008,202
Utilities Trust of Australia $742,264,767
Vanguard $683,285,025
Colchester $676,882,992
Columbia $666,998,539
Wellington $604,082,853
Ethical Partners $567,249,411
Investa $524,996,591
Brandywine $506,315,339
Touchstone $496,029,534
GPT $405,352,845
Ares $399,271,475
Brandywine $396,230,169
Internal (cash accounts) $394,143,973
LGT $393,681,226
Oak Hill $388,733,950
Genesis $366,410,221
Funds SA (internally managed assets) $309,282,099
Global Infrastructure Management, LLC $258,533,977
Lord Abbett $256,442,375
Bain Capital Partners LLC $238,610,540
Putnam $215,034,375
Adams Street Partners LLC $209,219,802
Ocean Avenue Capital Partners LP $207,011,305
Palisade $194,080,887
Pantheon Ventures Ltd $190,021,279
EQT Funds Management Ltd $188,880,259
Cerberus Capital Management, LP $181,759,318
Warburg Pincus LLC $134,657,109
Siguler Guff & Company LLC $109,450,816
Lend Lease $107,340,460
Permira Debt Managers Ltd $104,686,814
EIG Alternative Investments LLC $82,755,691


PLEASE NOTE: the fund managers detailed above cover the top 50 by Funds SA funds under management. Funds SA utilises managers beyond this cohort however, the funds under management of those outside the top 50 is small by comparison.

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