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Pursuit Select Direct Shares – Now Live!

IOOF Product Development

This week we were pleased to announce the addition of Direct Shares to the Pursuit Select platform. For as little as $2,000, clients now have the option to invest in various listed securities, without exiting the platform environment.

Personal super and pension members can generally invest in any security forming part of the S&P/ASX300 Index, whilst IDPS investors can invest in all fully paid ordinary and preference shares, stapled securities, Exchange Traded Funds (ETFs), interest rate securities and Listed Investment Companies (LICs) listed on the Australian Stock Exchange (ASX).

When your clients invest in listed securities through their Pursuit Select account, they will also have the opportunity to participate in any Dividend Reinvestment Plans (DRP) and the majority of corporate actions offered in respect of the listed securities.

Pursuit Select Direct Shares features at a glance:

Investment universe
  • Personal super and pension: the majority of listed securities forming part of the S&P/ASX 300 index.
  • IDPS: all fully paid ordinary and preference shares, stapled securities, ETFs, interest rate securities and LICs listed on the ASX.
Minimum order
  • $2,000 per share parcel
Dividend Reinvestment Plan
  • Where available in respect of a listed security, clients have full flexibility to participate in the DRP under the terms of the DRP rules.
Corporate actions
  • Clients will generally have the opportunity to participate in any capital corporate action such as renounceable and non-renouncable rights issues, off-market share buy backs, Security Purchase Plans and entitlement offers.
Online order placement, DRP and corporate action elections
  • Your clients’ instructions are submitted by you electronically to IOOF using Portfolio Online.
Management costs
  • Listed Security Administration Fee: $350p.a.
Transaction costs
  • Listed Security Transaction Fee : $25.63 (net of RITCs) for each transaction when buying and selling listed securities.
  • Brokerage: 0.205% (net of RITCs) of the value of each buy or sell order, subject to a minimum of $38.44 (net of RITCs).
Adviser Service Fees
  • Adviser Service Fee – Listed Security Buy: up to a maximum of $110 (inclusive of GST) per buy order.
  • Adviser Service Fee – Listed Security Sell: up to a maximum of $110 (inclusive of GST) per sell order.

How to set up Direct Shares on Pursuit Select

Your client must ‘opt-in’ to invest in listed securities through Pursuit Select. They can do this at the time of application, or by completing one of the following stand alone forms for existing accounts:

Click here for the super/pension opt in form

Click here for the IDPS opt in form

This is where the paper-work stops! From here on all functions related to listed securities can be completed electronically through Portfolio Online.

Once we have received your client’s opt in, we’ll complete the necessary account amendments and send you an e-mail when the account is ready for trading. You will then be able to log in to Portfolio Online, select Direct Share Choice from the right hand side menu and begin exploring our new order pad.

To be eligible to invest in listed securities through Pursuit Select, your clients must maintain:

  • a Pursuit Select account;
  • a valid e-mail address; and
  • registration as a Portfolio Online registered user

It will generally take three business days following the opening of your client’s account (and assuming funds are available in their Cash Account) before they can begin investing in listed securities. A notification will be sent to you at this time.

More information

If you have questions about Pursuit Select Direct Shares please contact your Business Development Manager or Adviser Services on 1800 659 634 or simply email adviserservices@ioof.com.au