Discounted Fees

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All Whai Rawa fees and expenses have been met by Te Rūnanga up until 30 June 2012 meaning more funds into member accounts.

From 1 July 2012 all Investment Manager fees are being met by members until further notice. Te Rūnanga o Ngāi Tahu has agreed to pay all of the remaining fees and expenses at least until 30 June 2017.

From 30 June 2017, Te Rūnanga o Ngāi Tahu may decide to reduce the amount it pays towards those fees, or decide not to pay them at all.  Any fees not paid by Te Rūnanga o Ngāi Tahu or any other third party will be met by Whai Rawa and may be charged to Members’ accounts.

Outlined below is information regarding the various Whai Rawa fees and costs.

Manager’s Fee

The Manager (Whai Rawa Fund Limited) is entitled to be reimbursed for all costs and expenses it incurs in its role as Manager of Whai Rawa.  The Manager is also entitled to reimbursement for any GST it is required to pay on those expenses.  You can find out the current amount of the level of costs and expenses incurred by the Manager at the time you join Whai Rawa by contacting the Contact Centre on 0800 WHAI RAWA (0800 942 472).

Administration Manager’s Fee

The Administration Manager’s (Link Market Services Ltd) fee contains two components, i) a fixed fee for base services; and ii) a volume based fee relating to the number of Members in Whai Rawa.  The Administration Manager’s fee is currently capped at $700,000 per annum but may change from time to time on agreement with the Manager.  You can find out the current amount of the Administration Manager’s fee at any time by contacting the Contact Centre on 0800 WHAI RAWA (0800 942 472).

Trustee’s Fee

A minimum annual fee of $20,000 is charged.  The Trustee (Trustees Executors Limited) is also entitled to be reimbursed for any GST it pays on its fee.  The Trustee’s fee may change from time to time on agreement with the Manager.  You can find out the level of the Trustee’s fee at any time by contacting the Contact Centre on 0800 WHAI RAWA (0800 942 472).

Investment Manager’s Fees

The Investment Manager is responsible for providing investment management services to Whai Rawa. The Investment Manager is entitled to a fee payable from Whai Rawa’s assets equal to 0.47% per annum of the net asset value of the funds invested by Whai Rawa in the Conservative Fund promoted by the Investment Manager up to and including $50 million and 0.44% per annum on balances over $50 million.

The Trustee of the Investment Manager (Mercer (NZ) Ltd) is also entitled to recover expenses incurred in operating the fund.  There is no limit on the amount of these expenses but based on previous years, they are not expected to excel 0.02% per annum of gross assets.  The Investment Manager’s fee may change from time to time on agreement with the Manager.  From 1st July 2012 all Investment Manager fees will be met by members until further notice.

Other Fees

The Manager and Trustee are entitled to be reimbursed for all costs and expenses incurred in respect of Whai Rawa.