Grant Samuel Funds Management (GSFM) has been appointed responsible entity (RE) of the Munro Global Growth Fund following approval in a vote by unitholders.

Munro Asset Management Limited, the AFSL holder for Munro Partners, was the previous responsible entity of the fund.

GSFM and Munro Partners already have a partnership, established in June this year, with GSFM distributing the Fund in the Australian and New Zealand markets, as well as investing alongside the founding partners in Munro’s unique partnership structure.

Damien McIntyre, chief executive officer of GSFM, said the move cements the already strong partnership in place.

“It is a win for investors, allowing Munro to focus on its core strength of the investment management activities of the fund.

“As a result of the change of RE, we will be able to offer unitholders a reduction in management and performance fees, and an amendment to the performance fee hurdle rate,” Mr McIntyre said.

Management fees for unitholders of ordinary units will reduce from 1.39% per annum to 1.35% per annum inclusive of GST.

The performance fee will reduce from 10.25% to 10.00% inclusive of GST, while the hurdle rate required to be met to earn a performance fee will change from the RBA Cash Rate to the Australian Government 10YR Bond Yield + 3.5% per annum.

The Munro Global Growth Fund invests in international listed equities deploying a long/short strategy. The fund is index unaware, aiming for meaningful absolute returns through the investment cycle, whilst maintaining a capital preservation mindset.

GSFM acts as RE for four other funds with $2.7 billion under management.