DirectMoney Releases Updated Personal Loan Fund
DirectMoney Limited (ACN 004 661 205 ASX: DM1) (DirectMoney) and One Managed Investment Funds Limited (ACN 117 400 987, AFSL 297042) (One Investment Group or OMIFL) are pleased to announce the release of an updated Product Disclosure Statement (PDS) for the DirectMoney Personal Loan Fund (ARSN 602 325 608) (Fund) as at 29 April 2016.
Key features of the Fund now include:
- Lowering the minimum investment amount to $10,000
- Weekly acceptance of investor applications
- Allowing re-investment of monthly distributions
- Expanded reporting
Since the initial launch in May 2015 until mid-April 2016 the Fund has achieved a return of 7.18% after fees and provisions. The Fund aims to deliver a consistent return of approximately 5.0% to 5.5%p.a. over the RBA cash rate over the recommended period of investment of 3 to 5 years. One Investment Group is the Issuer of the PDS and the Responsible Entity of the Fund.
Earlier this year Macquarie Bank purchased a $5M portfolio of loans from DirectMoney and subscribers to the Fund will be investing in similar prime Australian personal loans. Personal loan investments are a new asset class in Australia, designed to provide attractive risk-adjusted returns and low correlation with the equity markets.
