SMSF into NavraInvest

Hi gang

Steve discussed this with me in brief but rather than ring his mobile thought I'd ask the question here in case anyone else has the same query

I have a Self Managed Super Fund and want to sell the direct shares its in (via ABN AMRO) and convert to cash to put into NavraInvest (Managed Fund).

My understanding is I can't do this direct as a Trustee for the SMSF ? I need a "Fund Manager" (is that the right term?) If so, I guess I need to adjust the SMSF's Investment Strategy to allow for this type of investment ? What percentage fee should I expect to lose, I mean give, the Fund Manager, and who should I use ?

Any clarification much appreciated
Cheers
Carl

 

Carl

I would have thought as long as your SMSF trust deed talks about managed investments as something the SMSF can invest in, then you as the trustee should be able to invest in the Navra funds. Certainly my SMSF has.


cheers
Gazza

 

Thanks Gazza

Ta mate - sounds like a plan - I'll ask the guys if I can invest direct - seems to make more sense to me.

 

Carl
Gazza is right, as trustee of your SMSF you have the power to sell down shares and then re-invest in the Navra Managed Fund.

I wouldn't imagine that your investment strategy would change too much given that you are selling shares then investing in a managed fund that invests in shares.

Needless to say, your investment strategy should be reviewed annually.

Nick M

 

Thanks Nick

Thanks Nick

I am a bit more on the ball with the SMSF doco now (the first couple of years confused the @%#* out of me till I realised I was making things way too complicated). We review the SMSF strategy and publish a new copy every year now, but I had intentionally in the past included that the fund would invest in direct shares only via a suitably qualified brokering firm. Figured it showed we weren't going to fall into the trap of using it as a share trading testing ground

For this year we included a clause that the fund may :

"c) Puchase units in the Navra Blue Chip Australian Share Retail Fund or Navra Blue Chip Australian Share Wholesale Fund, or shares in the NavraInvest Company, by direct application to NavraInvest Limited, Suite 1, Level 5, 65 Berry Street, North Sydney, or by purchasing from existing shareholders who are prepared to sell holdings in the company"

Hopefully that's sufficient - I mean I guess I only have to set out what we as Trustees think will best meet the fund objectives, together with a set of logic of why we think that, and I think we have both those things covered.

It was only when I met with Steve recently I (maybe mis-) understood there was a need for a middle man in the transaction between a SMSF and the NI Managed Fund.

Its all good
Thanks again
Carl