Fees cut

Initial fees have been reduced from 1.2% to a fee of 0.25%, subject to a maximum fee of R750.00 and a minimum of R60 per fund.

All numbers quoted are ex VAT.

This initial fee will apply to investments into the three Equinox managed portfolios, (the Top Managers, Prudential and Speculators Portfolios) as well as the Discretionary Portfolio where investors can choose their own underlying unit trust investments.

The initial fee for the Equinox Money Market portfolio, which invests in a spread of three money market funds, remains unchanged at 0%. The initial fee for the Start - Up Portfolio, where investors can invest in one money market fund with the intention of building a lump sum investment, also remains unchanged at 0%.

The Equinox initial fee has been capped at R750.00, saving investors thousands of rands. This means that investors investing over R300 000 will pay a maximum of R750 to Equinox. On the other hand, each investments is subject to a minimum fee of R60.00, which will affect investors investing R24 000 or less. The fees payable to the management companies concerned remain unaffected at 0.25%.

The initial fees of debit order investments have also been reduced to 0.25% of the investment, subject to a minimum fee of R20 per fund purchased.

Equinox has been dealing with increasing numbers of transfers of unit trusts to our administrative platform, which up ‘till now has been offered as a free service. Due to the intensive administrative nature of this work, we have decided to introduce an administrative fee of 0.25% of the value of the portfolio.

The cost of switching an investment from one fund to another remains the same: a flat fee of R60 is charged by Equinox if a client switches from one fund to another within the same management company, and 0.25% of the switched amount is charged if the investment is switched into a different management company.

These fees exclude the fees charged by the management company in question.