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Top 10 Mutual Fund Managers In Nigeria / Mutual Funds In Nigeria: Please Share Your Experience / Best Nigerian Mutual Funds To Invest In? (2) (3) (4)
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Re: Mutual Funds by ajeleomo: 9:19am On Sep 20, 2018 |
Yem0350: 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 1 Like 1 Share |
Re: Mutual Funds by corrall(f): 10:28am On Sep 20, 2018 |
ajeleomo: Wow, OK... This helps clear a lot |
Re: Mutual Funds by enemarieal: 10:41am On Sep 20, 2018 |
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: |
Re: Mutual Funds by Yem0350: 10:49am On Sep 20, 2018 |
ajeleomo: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) |
Re: Mutual Funds by ajeleomo: 10:52am On Sep 20, 2018 |
Yem0350: 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 |
Re: Mutual Funds by Yem0350: 10:54am On Sep 20, 2018 |
ajeleomo:Axa is 11.99% (after all deduction). Call (or request a call back) them to confirm |
Re: Mutual Funds by Yem0350: 10:57am On Sep 20, 2018 |
ajeleomo:Who else can confirm that stanbic was 11.24%. From my end, it was 10.69% (I got 29.3 on 100k) |
Re: Mutual Funds by ajeleomo: 10:58am On Sep 20, 2018 |
Yem0350: 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? |
Re: Mutual Funds by Yem0350: 11:05am On Sep 20, 2018 |
ajeleomo: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. |
Re: Mutual Funds by ajeleomo: 11:20am On Sep 20, 2018 |
Yem0350: see attached copy for confirmation
|
Re: Mutual Funds by ajeleomo: 11:29am On Sep 20, 2018 |
Yem0350: 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 |
Re: Mutual Funds by Yem0350: 11:33am On Sep 20, 2018 |
Find attached response to my mail
|
Re: Mutual Funds by Yem0350: 11:34am On Sep 20, 2018 |
ajeleomo: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. 1 Like |
Re: Mutual Funds by ajeleomo: 11:53am On Sep 20, 2018 |
Yem0350: I am glad you could benefit from our conversation. This is the power of information sharing.... 1 Like |
Re: Mutual Funds by ajeleomo: 12:00pm On Sep 20, 2018 |
Yem0350: 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% 3 Likes 1 Share |
Re: Mutual Funds by emmyboss(m): 12:33pm On Sep 20, 2018 |
Thanks so much for this information. I guess I have to port from Stanbic to Axa |
Re: Mutual Funds by Redeemed(f): 2:29pm On Sep 20, 2018 |
@ 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. |
Re: Mutual Funds by Yem0350: 2:37pm On Sep 20, 2018 |
ajeleomo:FBN 12.11% 1 Like |
Re: Mutual Funds by ajeleomo: 3:34pm On Sep 20, 2018 |
Redeemed: 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 |
Re: Mutual Funds by Olohunjedalo(m): 3:47pm On Sep 20, 2018 |
Yem0350:Investment One Last updated 17th September. 12.05% |
Re: Mutual Funds by ajeleomo: 4:07pm On Sep 20, 2018 |
Olohunjedalo: 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=? 1 Like |
Re: Mutual Funds by Olohunjedalo(m): 4:10pm On Sep 20, 2018 |
ajeleomo:I have the investment one account. But my money is in Stanbic IBTC MMF Thank you |
Re: Mutual Funds by Yem0350: 4:13pm On Sep 20, 2018 |
ajeleomo: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? |
Re: Mutual Funds by ajeleomo: 4:34pm On Sep 20, 2018 |
Yem0350: 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% |
Re: Mutual Funds by ajeleomo: 5:05pm On Sep 20, 2018 |
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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Re: Mutual Funds by naijaobi(m): 6:02pm On Sep 20, 2018 |
JoyNgofaa1:Did you smoke weed? |
Re: Mutual Funds by 6ixgod(m): 6:42pm On Sep 20, 2018 |
Olohunjedalo:Ko ye mi o, you mean my interest is being added back to the capital, is it a good thing? |
Re: Mutual Funds by Olohunjedalo(m): 6:44pm On Sep 20, 2018 |
6ixgod:Yes, it is . |
Re: Mutual Funds by 6ixgod(m): 6:54pm On Sep 20, 2018 |
Olohunjedalo:Tnx boss |
Re: Mutual Funds by Yem0350: 7:58pm On Sep 20, 2018 |
With the current rate of tbills I expect all mmf to give over 12% next wk |
Re: Mutual Funds by mikeopara: 8:42pm On Sep 20, 2018 |
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? |
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