Yem0350:

12.07 was the rate displayed yesterday for tue
11.99 was the rate displayed this morning for yesterday.
I hope you are cleared now.
All interest credited are net interest, so management fee has been deducted

Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

ajeleomo:


Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

Wow, OK... This helps clear a lot

Strange, i also had a conversation with AXA client services, however, they confirmed that Rates quoted on their site is net ALL EXPENSES including Management fees, meaning no additional cost will be placed on either Interest/Capital.

ajeleomo:


Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

ajeleomo:


Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

I just spoke with a rep who said that the rate being displayed on our portfolio is net (not gross) I. E management fee and other fees have been deducted already. Also, 11.99% (for yesterday) is the credited interest rate (no further deduction)
To also confirm what she said, that was the exact interest rate I received on my principal, I mean the 11.99 and other previous rates (no deduction)

Yem0350:

ARM gave you 11.66%
Axa is 11.99%

Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

ajeleomo:


Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

Axa is 11.99% (after all deduction). Call (or request a call back) them to confirm

ajeleomo:


Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

Who else can confirm that stanbic was 11.24%. From my end, it was 10.69% (I got 29.3 on 100k)

Yem0350:

I just spoke with a rep who said that the rate being displayed on our portfolio is net (not gross) I. E management fee and other fees have been deducted already. Also, 11.99% (for yesterday) is the credited interest rate (no further deduction)
To also confirm what she said, that was the exact interest rate I received on my principal, I mean the 11.99 and other previous rates (no deduction)

I am not arguing with you on this, you can see the actual conversation i had with a customer care personnel, The Annual management fee is deducted once in a year not daily. Have you been on AXA for a year? if No, Can we have someone who have been with them for over a year tell us this is not true from personal experience?

ajeleomo:


I am not arguing with you on this, you can see the actual conversation i had with a customer care personnel, The Annual management fee is deducted once in a year not daily. Have you been on AXA for a year? if No, Can we have someone who have been with them for over a year tell us this is not true from personal experience?

All rates are per annum basis. That doesn't mean, till the end of the year before any fees deduction. Your interest rate, will they wait till the end of the year before you will be credited. No. Hence, any rate you see has been annualised.

Yem0350:

Who else can confirm that stanbic was 11.24%. From my end, it was 10.69% (I got 29.3 on 100k)

see attached copy for confirmation

Yem0350:

All rates are per annum basis. That doesn't mean, till the end of the year before any fees deduction. Your interest rate, will they wait till the end of the year before you will be credited. No. Hence, any rate you see has been annualised.

Like i said earlier, This is not a debate Sir, I have been very transparent in my write ups and also show proofs of my dealings. My chat with a customer care agent says otherwise... i was not the one who said that and i do not have an account with them either.
If you have not been with AXA for more than a year you can not also argue that you are right on this, RATHER lets have someone who have been with them for more than a year confirm this statement.

An agent who said it is done separately knows it will influence my judgement to open an account with them so why did he do so? to scare me way?

I just want us to work with facts to enable everyone make the right decision

Find attached response to my mail

ajeleomo:


see attached copy for confirmation

I laid a complain this morning and I was told it will be corrected within 24hrs. Meaning, I was being given low rates since all this while.
Thanks so much. If not for you, I wouldn't know.

Yem0350:

I laid a complain this morning and I was told it will be corrected within 24hrs. Meaning, I was being given low rates since all this while.
Thanks so much. If not for you, I wouldn't know.

I am glad you could benefit from our conversation. This is the power of information sharing....

Yem0350:
Find attached response to my mail

I have further had a conversation with an agent of AXA and the air is cleared, I was mislead by the earlier CCS according to the below conversation

AXA Mansard
11:34 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
Good morning
AXA Mansard
Good morning

omonuwa
Please i chatted with an agent earlier, Kindly confirm when the Annual management fee will be deducted?
You have been transferred to: AXA Mansard Investment.

omonuwa
hello
AXA Mansard Investment
the management fee is deducted per annum

so the interest you get is after feed

after fees

omonuwa
is it deducted before the daily interest is paud or it is done once at the end of one year
AXA Mansard Investment
its is deducted daily

omonuwa
oh ok thanks
AXA Mansard Investment
so the interest you get is after fees

omonuwa
so in other words the interest was suppose to be 13.24 and after the deduction of 1.25% the interst of 11.99 was paid 13.24 - 1.25 = 11.99
AXA Mansard Investment
1.15 actually

omonuwa
oh management fee of 1.15% was deducted and not 1.25%? why was that?
hello
AXA Mansard Investment
am here

so let me explain this again. the management fee on the money market fund is accrued daily for what is to be charge at the end of the year

which means whatever rate applied that day minus management fee is what the client gets

omonuwa
ok thanks
AXA Mansard Investment
assuming the rate is at 13.22 - 1.15 = 12.07%

the client gets 12.07% on his/her investment

omonuwa
ok noted


This means that

AXA = 11/99%
ARM =11.66%
Stanbic - 11.24%

Thanks so much for this information.
I guess I have to port from Stanbic to Axa

@ ajelomo, thank you for your write ups and clarification. from all your posts, it seems you know more about stanbic IBTC MMF. On many occasions i have calculated their stated interest rate and found out that it doesn't tally with interest credited on my account on a daily basis.

Secondly, sometimes last year i received dividend/profit sharing on my account at the end of third quarter and i was told it's done on a quarterly basis as told by one of their staff/marketer, but i haven't received such interest this year. Any explanation about this?

Thirdly, what is the difference between Net Inflow and Net Asset Value?

Thank you as i await your response.

ajeleomo:


I have further had a conversation with an agent of AXA and the air is cleared, I was mislead by the earlier CCS according to the below conversation

AXA Mansard
11:34 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
Good morning
AXA Mansard
Good morning

omonuwa
Please i chatted with an agent earlier, Kindly confirm when the Annual management fee will be deducted?
You have been transferred to: AXA Mansard Investment.

omonuwa
hello
AXA Mansard Investment
the management fee is deducted per annum

so the interest you get is after feed

after fees

omonuwa
is it deducted before the daily interest is paud or it is done once at the end of one year
AXA Mansard Investment
its is deducted daily

omonuwa
oh ok thanks
AXA Mansard Investment
so the interest you get is after fees

omonuwa
so in other words the interest was suppose to be 13.24 and after the deduction of 1.25% the interst of 11.99 was paid 13.24 - 1.25 = 11.99
AXA Mansard Investment
1.15 actually

omonuwa
oh management fee of 1.15% was deducted and not 1.25%? why was that?
hello
AXA Mansard Investment
am here

so let me explain this again. the management fee on the money market fund is accrued daily for what is to be charge at the end of the year

which means whatever rate applied that day minus management fee is what the client gets

omonuwa
ok thanks
AXA Mansard Investment
assuming the rate is at 13.22 - 1.15 = 12.07%

the client gets 12.07% on his/her investment

omonuwa
ok noted


This means that

AXA = 11/99%
ARM =11.66%
Stanbic - 11.24%

FBN 12.11%

Redeemed:
@ ajelomo, thank you for your write ups and clarification. from all your posts, it seems you know more about stanbic IBTC MMF. On many occasions i have calculated their stated interest rate and found out that it doesn't tally with interest credited on my account on a daily basis.

Secondly, sometimes last year i received dividend/profit sharing on my account at the end of third quarter and i was told it's done on a quarterly basis as told by one of their staff/marketer, but i haven't received such interest this year. Any explanation about this?

Thirdly, what is the difference between Net Inflow and Net Asset Value?

Thank you as i await your response.

Thanks for the complement, however am not a banker and not familiar with all these terms so am afraid i cant answer your third question. On the second one, it is said your Dividend/Profit is paid into your MMF account if your choose REINVEST option when opening the account else it will be sent to your bank account provided. This is done every 3 months interval from the day your MMF account was officially opened.
If you only received once and your MMF account is older than 6 months then you need to get to them for resolution

Yem0350:

FBN 12.11%

Investment One
Last updated 17th September. 12.05%

Olohunjedalo:

Investment One
Last updated 17th September. 12.05%

Lets have actual calculation on how this is achieved for FBN & IONE? we have all seen how falsified interest rate are being displayed coz i was told by CCS that IONE was 12% but 12.05% was displayed

Principal =?
Profit value as at yesterday=?

ajeleomo:


Lets have actual calculation on how this is achieved for FBN & IONE? we have all seen how falsified interest rate are being displayed coz i was told by CCS that IONE was 12% but 12.05% was displayed

Principal =?
Profit value as at yesterday=?

I have the investment one account. But my money is in Stanbic IBTC MMF
Thank you

ajeleomo:


Lets have actual calculation on how this is achieved for FBN & IONE? we have all seen how falsified interest rate are being displayed coz i was told by CCS that IONE was 12% but 12.05% was displayed

Principal =?
Profit value as at yesterday=?

Fbn quest interest is very correct. I calculated it on what they gave me this morning.
I don't know about IONE
Let him confirm if it is gross or net
Also, how long does it take to redeem on IONE?

Yem0350:

Fbn quest interest is very correct. I calculated it on what they gave me this morning.
I don't know about IONE
Let him confirm if it is gross or net
Also, how long does it take to redeem on IONE?

With this that puts FBNQuest on top while IONE is yet to be verified..... Someone with Abacus MMF should update us

Fbn Quest - 12.11%
AXA = 11.99%
ARM =11.66%
Stanbic - 11.24%

We have been told that interest are paid on our principal daily BUT that must be after ALL charges are removed. If we are to go byhttp://fman.com.ng/archive/?mdocs-cat=mdocs-cat-32 then the prices displayed are after all charges or not? Can someone through more light on this

What i observed is that most of these MMF pays below the daily price but only for FBN Quest according to the 12.11%? how can this be explained?

see attached

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Did you smoke weed?

Olohunjedalo:
because you asked for your interest to be compounded.
Your new interest will be calculated from the sum of those little amounts and your original capital .
I hope you get me . Lol

Ko ye mi o, you mean my interest is being added back to the capital, is it a good thing?

6ixgod:

Ko ye mi o, you mean my interest is being added back to the capital, is it a good thing?

Yes, it is .

Olohunjedalo:

Yes, it is .

Tnx boss

With the current rate of tbills
I expect all mmf to give over 12% next wk

Hello guys, I have learnt a lot here but I'd like to find out. I have about 6M+ in my mutual fund. Do you think I'm doing the right thing. I get a daily interest of about 1800 daily. Or I should drift to TB?