OM-IP Share Series
17 Jul 2002 17:21
By FundSource
Readers should note that the returns posted for the OM-IP Series on the FundSource (FS) website have been incorrect since January 31, 2002. The error was the result of data omission in the FS database and is unique to the OM-IP Series.
FS requires underlying fund managers to check our performance calculations for their funds prior to publication. To ensure performance publication is on a timely basis, we require these managers to supply fund data required to calculate returns within the first week of each month.
OM-IP, due to their multi-manager structure, is unable to supply the required data within the prescribed timeframe and as such its published returns in the FS website are not subject to the standard manager checks.
FS has reviewed the appropriateness of including returns from the OM-IP Series of investment returns alongside those of NZ and Australian managed funds. Investments made in the OM-IP Series are shares in a Cook Islands domiciled international company. This contrasts to the typical managed fund legal structure which is NZ or Australian domiciled open ended unit trusts or superannuation funds which have domestic trustee, audit, and regulatory overviews.
As a result of the contrasting legal structure, FS will no longer provide updates on OM-IP fund prices or returns on its website, which is focused on providing information relating to managed funds.
Those parties interested in OM-IP should visit their website http://www.omstrategic.com.au/ for share prices and returns.
