Magellan Global Fund Partnership Offer and Bonus Option Issue – ROA Template Updated
As we mentioned in our last newsletter, Madison has approved participation in the Magellan Global Fund Partnership Offer and Bonus Option Issue for relevant clients. We provided a ROA template to assist you in your advice process. Following some recent feedback, we have made some minor adjustments to recognise that the offer is open to both Open Class unit holders (ie the managed fund) as well as Closed Class units (ASX: MGF).
The changes are minor and if you have already issued a ROA using the original template, that is fine – the key details of the offer are the same and the updated template just has some minor improvements and guidance.
We have also observed on at least 2 platforms (BT Wrap and Wealth Portal) that the client’s entitlement is displayed as a number of units, when in fact the number showing is their dollar entitlement. If in doubt to what their maximum entitlement is, simply take the dollar value of their Magellan investment on 8th January (the calculation date, or 8th December if that value is lower), and divide it by 4. For example, if your Magellan holdings totalled $20,000 on 8th January, then my entitlement is $5,000. However, the BT Wrap platform is showing your entitlement as 5,000 units.
The updated ROA and supporting calculator are available in the Madison Adviser Portal under Compliance >> Advice Documents.
The ROA template assumes the additional application will be funded from available cash – if your recommendation is to sell down something to fund the application then you will need to include a recommendation in the ROA and include any transaction costs, CGT issues and any other product replacement information.
In this Edition
| · Note From Annick | · PD Days | · Ongoing Service Agreements – legislation changes with the House of Representatives |
Magellan Global Fund Partnership Offer and Bonus Option Issue – ROA Template Updated
As we mentioned in our last newsletter, Madison has approved participation in the Magellan Global Fund Partnership Offer and Bonus Option Issue for relevant clients. We provided a ROA template to assist you in your advice process. Following some recent feedback, we have made some minor adjustments to recognise that the offer is open to both Open Class unit holders (ie the managed fund) as well as Closed Class units (ASX: MGF).
The changes are minor and if you have already issued a ROA using the original template, that is fine – the key details of the offer are the same and the updated template just has some minor improvements and guidance.
We have also observed on at least 2 platforms (BT Wrap and Wealth Portal) that the client’s entitlement is displayed as a number of units, when in fact the number showing is their dollar entitlement. If in doubt to what their maximum entitlement is, simply take the dollar value of their Magellan investment on 8th January (the calculation date, or 8th December if that value is lower), and divide it by 4. For example, if your Magellan holdings totalled $20,000 on 8th January, then my entitlement is $5,000. However, the BT Wrap platform is showing your entitlement as 5,000 units.
The updated ROA and supporting calculator are available in the Madison Adviser Portal under Compliance >> Advice Documents.
The ROA template assumes the additional application will be funded from available cash – if your recommendation is to sell down something to fund the application then you will need to include a recommendation in the ROA and include any transaction costs, CGT issues and any other product replacement information.
In this Edition
| · Note From Annick | · PD Days | · Ongoing Service Agreements – legislation changes with the House of Representatives |