What is the management fee for QuayStreet funds?

For each investment in your account, you will be charged a management fee. This is different from any fees charged by the underlying manager, in this case QuayStreet. For any investment in QuayStreet funds, a 0.35% annual management fee will be charged each month and this will then be refunded back to you in full as a rebate each month. For more information, please refer to the Product Disclosure Statement or mySTART brochure at the bottom of the page.

What is a management fee?

Management fees are determined by the type of asset you hold and are calculated on the market value of your investment in each of those particular assets. Fees are calculated daily and will be deducted from your cash account at the start of each calendar month.

What is a rebate?

A rebate is the return of a sum of money paid, usually in relation to a fee. Some Fund Managers will choose to rebate some fees back to you e.g QuayStreet is rebating the 0.35% management fee charged by Craigs*. Rebates are processed monthly and credited to your account in cash.

When will this start taking place?

From 1 April 2022 the change to how the management fee is calculated was made to our systems. This will show on your account reports from early May 2022. You may see a delay between fee processing and the rebate but this is normal and will not affect the amount you are refunded.

Why have the changes to how fees are processed for QuayStreet funds been made?

These changes have been made to improve the transparency of the fees charged by the manager of the product you invest through (i.e mySTART, Craigs KiwiSaver or Craigs Superannuation Schemes), and the fees charged by the manager of the funds you invest in (QuayStreet Asset Management). Prior to these changes, the management fee (for QuayStreet funds) and the rebate(s) of the fee were not processed through your client cash account so were not visible to you in your reports.

What is the Total Annual Fee Charge (TAFC) and will this change?

The TAFC is made up of management fees, fees and expenses of underlying funds and any performance fee if charged. The TAFC shown within the Investment Options supplement reflects both the charge and the rebate.

What if I sell any investments I have in QuayStreet funds during the month?

Investors selling out of a QuayStreet Fund will receive the rebate in the month following the sale.

How much cash do I need in my account?

We recommend that you maintain a minimum of 0.25% cash balance in your cash account. Management fees are charged at the start of each calendar month and rebates are processed a few days later effective the first of the month. If you do not have enough cash in your cash account to cover this fee, units in your QuayStreet fund may need to be sold to pay the fee amount. Please talk to your adviser or our Client Services team to change the minimum cash amount held on your account.

If the management fee is charged at the start of the month, when is the rebate paid back into my cash account?

The rebate will be paid into your cash account as soon as possible after the start of each month.

Why is the management fee and rebate not paid on the same day?

Management fees and rebates are both processed with effect the 1st of each month, but there are actually processed on different days. This just means you may see a lag between the charge being applied to your account and the rebate being processed.

What is the tax implication?

Tax can have significant consequences for your investments, and it is important, if you have any queries relating to the tax consequences of your investments, that you seek professional advice. Please note that any rebates processed by Craigs are not treated as an income event. For more information, please refer to the scheme Other Material Information documents which can be found or the mySTART brochure which can be found here >

If I have any other questions, who can I speak to?

If you would like to speak to someone about this change, please contact your Adviser or our Client Services team on 0800 878 278 or [email protected]

Where can I find out more information about my investments?

For the latest statements and investment information, please access our Client Portal here. For general information about fees and products please refer to the Product Disclosure Document (PDS) & mySTART brochure links below. All other investment related documents can found here >


Craigs KiwiSaver Scheme Product Disclosure Statement
Craigs Superannuation Scheme Product Disclosure Statement
mySTART brochure