InvestSMART Group (ASX:INV) has reduced its management fee from 0.55% to 0.44%, according to a Monday Australian bourse filing.
The company's management fee cap will now apply at AU$200,000, meaning that once an account balance reaches this level, the management fee is capped at AU$880 per annum which was previously at AU$100,000 or AU$550 per annum, the filing added.
The company also introduced a flat 0.11% admin fee to cover all buy-side brokerage costs only and support ongoing enhancements to its platform and investment tools, per the filing.
The number of professionally managed accounts on its platform has grown to 3,003 on Jan. 31 with AU$365 million in funds under management with an average account balance of AU$140,000 and median account balance of AU$40,000, the filing said.
The company's shares were down 4% in recent Monday trade.
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