1 reviews | Active since Aug 2012
Satrix admin fees not as advertised
Hi
I have a statement from Satrix showing that their admin fee rate is 1,24% even thought their advertised admin fee rate is 0,4%. It seems like this rate has been erroneously charged for the last few years. I've escalated this query over a month ago with numerous follow ups but each time Satrix says they are investigating. Have dealt with Sivile and Mxolisi Manana but no resolution has been attained over a month later.
Dear Mayur,
Thank you for bringing this matter to our attention. Please allow me to investigate and provide you with a response during the course of the day.
Kind regards,
Thembeka Khumalo
Client Relationship Manager
Dear Mayur,
Thank you for bringing this matter to our attention. Please allow me to investigate and provide you with a response during the course of the day.
Kind regards,
Thembeka Khumalo
Client Relationship Manager
Dear Mayur,
Thank you for taking my call earlier and giving me the opportunity to explain to you our fee structures.
Once again, please allow us to apologise for not providing you with a response to your query sooner.
As discussed, the statement you received details the Effective Annual Cost of your Satrix Top 40 ETF investment which comprises the following:
Investment Management (TER + TC) - 0.46%
Administration charges - 0.68%
Other - 0.09%
The investment management component includes all costs and charges for managing the underling investments within the fund. The Total Expense Ratio (TER) and Transaction Costs used in the calculation is based on the 1 year rolling TER and TC.
Administration includes the costs to administer your investment. Annual administration charges are between 0.35% and 0.60% dependant on the value of your investment.
Other charges includes brokerage charges (0.08%), Investor protection levy and STRATE electronic settlement fees on the buying and selling of the securities.
All these charges are clearly indicated on our Satrix 40 ETF Minimum Disclosure Document. I have also sent you an detailed email explaining all of the above mentioned charges.
You are welcome to contact me on the details sent to you on email should you wish to discuss further.
Kind regards,
Thembeka Khumalo
Client Relationship Manager
Dear Mayur,
Thank you for taking my call earlier and giving me the opportunity to explain to you our fee structures.
Once again, please allow us to apologise for not providing you with a response to your query sooner.
As discussed, the statement you received details the Effective Annual Cost of your Satrix Top 40 ETF investment which comprises the following:
Investment Management (TER + TC) - 0.46%
Administration charges - 0.68%
Other - 0.09%
The investment management component includes all costs and charges for managing the underling investments within the fund. The Total Expense Ratio (TER) and Transaction Costs used in the calculation is based on the 1 year rolling TER and TC.
Administration includes the costs to administer your investment. Annual administration charges are between 0.35% and 0.60% dependant on the value of your investment.
Other charges includes brokerage charges (0.08%), Investor protection levy and STRATE electronic settlement fees on the buying and selling of the securities.
All these charges are clearly indicated on our Satrix 40 ETF Minimum Disclosure Document. I have also sent you an detailed email explaining all of the above mentioned charges.
You are welcome to contact me on the details sent to you on email should you wish to discuss further.
Kind regards,
Thembeka Khumalo
Client Relationship Manager