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How long does it take Macquarie?

Discussion in 'Managed Funds & Index Funds' started by gazza, 14th Sep, 2007.

  1. gazza

    gazza Well-Known Member

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    This is getting ridiculous. NI distributes it's distributions within 14 days of the end of a quarter. Here we are two and a half months after the end of the financial year and Macquarie have yet to distribute from the 2 funds I am in (only one really as I redeemed my investment in the one as at the end of June). Throw in their poor performance (around 10% for the year) , high fee structures and having to prepay interest and you have a poor investment vehicle form my perspective.
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Was there actually a distribution to be paid ?

    If so, have you called them and asked when you should expect it ? Perhaps they have the wrong bank account details or the wrong mailing address for you ?
     
  3. crc_error

    crc_error The Rule of 72

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    I am in exactly the same situation. I made a 100% withdrawal from Their Asia 1 fund, and they are supposed to pay out the loan and profits 40-50 days after end of month. Its now 90 days 1 month over, and they keep on telling me 'next week next week' well I was supposed to get the end of june price, and now the end of july price has been published for the last 3 weeks! Yet I'm getting end of June price, and STILL paying interest on the $50k borrowed money..

    This company is disgusting, and I discourage anyone investing with Macquarie. It doesn't take 4 months to work out a unit price and dividends.

    Last week they were said I was getting paid beginning of this week, well I checked this morning and no payment has been made.. I'm about to ring them up now and blast them.
     
  4. AsxBroker

    AsxBroker Well-Known Member

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    Hi guys,

    I would strongly suggest writing a letter of complaint.
    If you don't get a response within 30 days you can go up the food chain to Complaints Tribunal or ASIC.

    Cheers,

    Dan
     
  5. crc_error

    crc_error The Rule of 72

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    Spoke to a manager there and expressed my dissatisfaction. He is personally looking into it and will call me back today or monday.

    Since this fund has picked up, I'm wondering if I should have stayed in it. we have a 9% return for the last 6 months. With 100% gearing, thats effectivaly doubling my money each year (interest paid)
     
  6. gazza

    gazza Well-Known Member

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    Sim

    I have been in contact with them constant ly over the last couple of months. The standard line is 'the fund managers are still working out the final figures and the distribution will be paid in mid September'.

    Like crc_error, I was also told it would take up to 40 days to pay out my redeemed units. Make that 76 and counting
     
  7. crc_error

    crc_error The Rule of 72

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    gazza, what was your reason for redeeming your units?

    for me 1.5 years of poor returns, over a 'boom period' was the deciding factor.
     
  8. DaveA

    DaveA Well-Known Member

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    Just ask them about to 40 day payout rule however they are now say its more like 80 days. If they say something, they will agree with you in a commercial world, if you dont uphold it you can atleast expect a detailed reason, if not compensation. Alternatively you could also send them an invoice for your interest costs for the last 30 or so days.. Alternatively if the fund has picked up, ask them if you can have the next months exit price since it has taken so long...

    Poor form though i must say
     
  9. bundy1964

    bundy1964 Well-Known Member

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    Must be why profit is up 40% on the same time as last year.
     
  10. gazza

    gazza Well-Known Member

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    I was told yesterday that payments are likely to be made next week. The fund managers are still deciding whether to reinvest the distributions or pay them out as cash or a combination of both. What the ????

    I think I will be redeeming my units in the second fund shortly.
     
  11. crc_error

    crc_error The Rule of 72

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    yep always 'next week'

    It takes 4 months to make these decisions?

    How can they change whats written in the PDS? it says 40-50 days withdrawel in the PDS, now they decide to double that? What if I decide to pay my interest 3 months late? I'm sure they will hit me with penality notices on interest.