Why lopsided commissions lead to PMS/AIF mis-selling
Автор: neilborate
Загружено: 2023-07-19
Просмотров: 219
Описание:
ICICI Pru Real Estate AIF matured in March 2023 with money still stuck in various projects. It has 1 year to wind up and has so far given a paltry return of 17% (absolute not annualized) over the past 7 years. IIFL Real Estate Fund also matured this year with an IRR of just 6% - again a similar story. The problem however is wider.
Credit risk is housed in Cat II AIFs and these are selling like hot cakes. Why? Because upfront commissions (one third of total) are allowed. As always, the commission is the culprit. Why do MFs have a cap but not PMS/AIF? Why is upfronting allowed in some AIFs and not others? The industry always comes back with 'HNIs know what they are doing.' Retirees with 1 crore savings are also 'HNIs' because nobody has to check net worth or bothers to look at product suitability. It is time to bring uniformity - let a common expense ratio cap apply to everyone.
https://www.livemint.com/money/person...
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