Re: Octaviar MFS Premium Income Fund PIF
It is also my understanding, based on the information supplied in the full colour, glossy propaganda sheets distributed by Wellington, that the management fee proposed by WC (subject to prior consent of unitholders !!), is 0.7% of the Funds under Management. It is not performance based.
Granted, it is probably less than the fees charged by MFS/Octaviar, but let's face it, they just robbed and rorted the fund so why set that as benchmark.
God it's good to get all this off my chest !!
My opinions are based on all the information I have been able to gather and I would like to know if others see things as I do. I truely believe that these people who have had their fingers in the PIF pie will only leave crumbs at the end of the day if they are left to continue to have any sort of control - directly or indirectly. The PIF needs to be taken out of their hands and placed into the hands of either unitholders (wouldn't that be nice) or a totally independant administrator.
Let me put it this way - in a story :-
A guy I knew and thought I could trust, stole my wallet with $10,000 in it. I met his girlfriend, she seems "nice", has a good "reputation", and she told me that she was really smart and if I gave her $70 she would use all her skills to get all my money back. Hmmmm....what should I do ?
a) Give her the $70 and trust her to get all (or most) of my money back;
b) Go to the police and fill out a report and hope they do something;
c) Pay $100 to a private investigator who will track the guy down and find out how much money or other assets he's got so as to recover as much of my money as he can for me.
Which answer would logically give me the best outcome ???
It is also my understanding, based on the information supplied in the full colour, glossy propaganda sheets distributed by Wellington, that the management fee proposed by WC (subject to prior consent of unitholders !!), is 0.7% of the Funds under Management. It is not performance based.
Granted, it is probably less than the fees charged by MFS/Octaviar, but let's face it, they just robbed and rorted the fund so why set that as benchmark.
God it's good to get all this off my chest !!
My opinions are based on all the information I have been able to gather and I would like to know if others see things as I do. I truely believe that these people who have had their fingers in the PIF pie will only leave crumbs at the end of the day if they are left to continue to have any sort of control - directly or indirectly. The PIF needs to be taken out of their hands and placed into the hands of either unitholders (wouldn't that be nice) or a totally independant administrator.
Let me put it this way - in a story :-
A guy I knew and thought I could trust, stole my wallet with $10,000 in it. I met his girlfriend, she seems "nice", has a good "reputation", and she told me that she was really smart and if I gave her $70 she would use all her skills to get all my money back. Hmmmm....what should I do ?
a) Give her the $70 and trust her to get all (or most) of my money back;
b) Go to the police and fill out a report and hope they do something;
c) Pay $100 to a private investigator who will track the guy down and find out how much money or other assets he's got so as to recover as much of my money as he can for me.
Which answer would logically give me the best outcome ???