Richmond Cash
What is the investment strategy of Richmond Cash?
Richmond Cash invests in a diverse range of "at call" and fixed income products offered by authorised deposit taking institutions (ADIs) in Australia (major banks and credit unions). ADIs are regulated by the Australian Prudential Regulation Authority (APRA), which enforces standards designed to ensure that under all reasonable circumstances ADIs can meet their obligations to depositors.
The Fund has no exposure to any equity or currency market and will have no borrowings.
What type of investor does Richmond Cash suit?
This Fund is best suited to investors who:
- require a steady income stream
- require a highly liquid investment
- have a low risk fund as part of their overall investment strategy
- have a low tolerance of investment risk
- have a short term investment horizon
What are the key features of Richmond Cash?
- The Fund aims to pay a highly competitive distribution rate so you earn a solid return on your cash
- With no minimum investment period you can keep your money in the Fund for whatever length of time you choose
- The minimum investment is $5,000
- There are no entry, exit or transaction fees.
How secure is Richmond Cash?
All funds held in "Richmond Cash" will be invested with Australian "ADI’s" (Australian banks & credit unions) providing a high level of security.
Is the distribution rate fixed or variable?
The distribution rate is variable, calculated daily and paid quarterly.
Is my money locked away for a specific term?
No.
This is an "at call" investment. Our intention is to pay all redemptions immediately on request. The Fund’s constitution does allows up to a maximum of 48 hours to meet redemptions should the need arise.
All redemptions are paid via electronic funds transfer to your nominated account.
Are there fees associated with an investment in Richmond Cash?
There are no entry, exit or transactions fees associated with an investment in "Richmond Cash".
Can I transfer my investment from Richmond Cash to Richmond Income or Richmond Income Plus?
Yes, at any time without any fees or charges.
How do I open a Richmond Cash account?
All you need to do then is to complete the application form contained in the Richmond Cash Fund "PDS" and (if necessary) provide the relevant identification supporting documents. The PDS can be obtained from our Ballina office or downloaded from here.
How do I invest my money with "Richmond Cash"?
You can make your initial and subsequent investments by:
- Cheque at our Ballina branch (11/4 River Street)
- Direct Debit - You will need to complete the Direct Debit Request form at the back of the "Richmond Cash Fund" PDS (or contact our office)
- Funds transfer by internet/phone banking - Please contact our office for account details.
Unit Pricing Policy
The Constitutions of Richmond Mortgage Fund and Richmond Cash Fund provide that units may only be issued or redeemed at an Application Price or Redemption Price of $1.00 unless Ballina Mortgage Management Limited (BMML) reasonably considers the value of a unit is not $1.00 per unit, in which case the Application Price or Redemption Price of a unit is calculated as: Net Trust Value / Units on Issue
Complaints
BMML has an Internal Dispute Resolution (IDR) system that complies with requirements approved by ASIC and in line with the Australian Standards 10002 Customer Satisfaction and Guidelines for Complaints Handling.
In particular, we are required to investigate, properly consider and decide what action (if any) to take and to communicate our decision to you within 45 days. If you are not happy with how the complaint has been handled, you may contact the Financial Ombudsman Service Limited. This is an independent body approved by ASIC to consider complaints. Its contact details are:
Financial Ombudsman Service Limited
GPO Box 3, Melbourne VIC 3001
Telephone: 1300 780 808
Website: www.fos.org.au