Can CFS keep its Midas touch post-Perry?
“); } } // –> According to van Eyk Research, an investor who had put $10,000 in Perry’s flagship Imputation Fund when it started in May, 1989, would have seen that investment grow to more than $93,000. By contrast, the same $10,000 invested in the S&P/ASX 300 Accumulation Index would be worth around $37,000. The Imputation Fund has been gold for CFS and its new owner, the Commonwealth Bank, too. It has attracted more than $11 billion in wholesale and retail investments, and the $4 billion invested in the retail fund alone would earn CFS an estimated $70 million a year plus in ongoing management fees. The success of CFS in Australian equities has also given the fund manager a blue-chip brand name and attracted a flood of investors to other CFS products. It now has more than $45 billion under management in Australia and almost $70 billion internationally. And under a restructuring plan, CFS will soon be integrated with the bank’s Commonwealth Investment Management (CIM), adding another
