₦airaland Forum

mikeopara:
Hello guys, I have learnt a lot here but I'd like to find out. I have about 6M+ in my mutual fund. Do you think I'm doing the right thing. I get a daily interest of about 1800 daily. Or I should drift to TB?

hardeydhoying:
Pls, what's the current rate of T-Bills?
I thought it's still till Oct. before the auction?

ajeleomo:
Lets have actual calculation on how this is achieved for FBN & IONE? we have all seen how falsified interest rate are being displayed coz i was told by CCS that IONE was 12% but 12.05% was displayed

Principal =?
Profit value as at yesterday=?

ajeleomo:
I have further had a conversation with an agent of AXA and the air is cleared, I was mislead by the earlier CCS according to the below conversation

AXA Mansard
11:34 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
Good morning
AXA Mansard
Good morning

omonuwa
Please i chatted with an agent earlier, Kindly confirm when the Annual management fee will be deducted?
You have been transferred to: AXA Mansard Investment.

omonuwa
hello
AXA Mansard Investment
the management fee is deducted per annum

so the interest you get is after feed

after fees

omonuwa
is it deducted before the daily interest is paud or it is done once at the end of one year
AXA Mansard Investment
its is deducted daily

omonuwa
oh ok thanks
AXA Mansard Investment
so the interest you get is after fees

omonuwa
so in other words the interest was suppose to be 13.24 and after the deduction of 1.25% the interst of 11.99 was paid 13.24 - 1.25 = 11.99
AXA Mansard Investment
1.15 actually

omonuwa
oh management fee of 1.15% was deducted and not 1.25%? why was that?
hello
AXA Mansard Investment
am here

so let me explain this again. the management fee on the money market fund is accrued daily for what is to be charge at the end of the year

which means whatever rate applied that day minus management fee is what the client gets

omonuwa
ok thanks
AXA Mansard Investment
assuming the rate is at 13.22 - 1.15 = 12.07%

the client gets 12.07% on his/her investment

omonuwa
ok noted


This means that

AXA = 11/99%
ARM =11.66%
Stanbic - 11.24%

ajeleomo:
see attached copy for confirmation

ajeleomo:
I am not arguing with you on this, you can see the actual conversation i had with a customer care personnel, The Annual management fee is deducted once in a year not daily. Have you been on AXA for a year? if No, Can we have someone who have been with them for over a year tell us this is not true from personal experience?

ajeleomo:
Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

ajeleomo:
Bros i have observed that Stanbic credited yesterday interest this morning, on N100,000 for two days running i have seen the below

18/9/2018 i received interest of N30.79 which indicates 11.238
19/9/2018 i received interest of N30.81 which indicates 11.246

So far so good if we have to compare ARM. Stanbic and Axa MMF the rating based on interest rate will reflect the below

ARM - 11.66%
Stanbic - 11.24%
AXA - 11.99 - 1.25 = 10.74%

I would encourage others from other MMF platform to also contribute so we can have a wider view and options on MMF

ajeleomo:
Thanks for your update, however i beg to differ as this simply means no one knows the interest rate of the day until interest is paid. Aso on the Annual management fee, i just had a chat with Axa customer service and see below what he had to say on this.

AXA Mansard
9:04 am
Hello, if you want to get more details about our Investment products & services, I’m glad to help.

omonuwa
good morning
AXA Mansard
Good morning

and thank you for contacting us

omonuwa
Please i want to open MMF account with you but would like to dot the I's
I read about Annual management fee of 1.25%. kindly explain how and when this is applied
AXA Mansard
We are glad for your interest in us.

The Management fee is charged on the interest

and not the principal

and it is per annum not monthly

using today's interest rate

so, it will be 1% of 11.99

i mean 1.25% of 11.99

omonuwa
so which means the interest actually paid is 11.99-1.25 = 10.74% at the end of the year
AXA Mansard
Yes please

omonuwa
ok
AXA Mansard
also bear in mind that the interest is subject to change (i dont mean the management fee which is constant)

omonuwa
ok noted
Thanks

ajeleomo:
Thanks i do appreciate this, We can all see we dont receive what we were told based on interest rates displayed. Yesterday you did say it was 12.07 and a customer service personal told me its 12.05 but according to you now its actually 11.99%.

Bros do you know if AXA still deduct the 1.25% Annual management fee?

ajeleomo:
Bros i opened an account of N20,000 for my little baby on ARM this week and my first interest of N6.39 just came, Abeg help me calaculate the percentage interest they used coz their rep said interest was 12.2 as at yesterday but am not sure again if my formular is correct oooo or do they have their own private calculator they use that we dont know?
And please kindly show calculation for AXA based on yesterday too. i will really appreciate this coz am so ready to port oooo

EsanEmmanuel:
you and money sha... na bank you suppose dey work �

dotcomnamename:
Please explain why you think Treasury Bills is more guaranteed than Mutual Funds (MMF)

ajeleomo:
How was this calculated? coz going by I = P x R x T/100 where Time =1 year =365days then
Interest per day = P x R /36500
I observed an interest of N30.79 on N100,000 principal
Therefore R = I x 36500/P = 30.79 x 36500/100,000 = 11.23835 approx. 11.24%

I stand to be corrected

ajeleomo:
I quite agree with you that it is not same interest displayed and it is same too for other MMF, Lets be reminded they all said that all charges are removed before your interest are paid hence no further charges are experienced on our account,
Also lets also be very sure what our Principal is and not use Amount in place of principal hence this will further reduce the interest rate.
Note that Amount = Principal + interest
Also to further determine Principal, reinvestment is done every 3 months and will we notice our interest restarting, so we should be sure of our principal when making calculation

See above my calculation based on yesterday interest

ajeleomo:
How was this calculated? coz going by I = P x R x T/100 where Time =1 year =365days then
Interest per day = P x R /36500
I observed an interest of N30.79 on N100,000 principal
Therefore R = I x 36500/P = 30.79 x 36500/100,000 = 11.23835 approx. 11.24%

I stand to be corrected

ajeleomo:
Bros today interest is yet to be paid as we speak but you speculated 10.69% earlier, reason why i asked you to provide a link for it. Lets try to give the real fact here in other not to mislead people. An humble advise, no disrespect

6ixgod:
But according to the link below, stanbic MMF is 11.55 as at 19/09/18

https://www.stanbicibtcfundsmanagement.com/mfprices

ajeleomo:
Bros how did you arrive at 10.69% for stanbic? Is there is link to view it? Axa is said to be 12.05 from my chat with customer care

hardeydhoying:
Hello,
I'm new to MMF and I'll like to invest in Stanbic MMF or AXA Mansard MMF, Please which one is advisable?

ajeleomo:
I was informed ARM MMF is 12.3% while Investment one Abacus MMF is 12%... Are these not better than AXA?

elothaddi:
Your interest for Saturday and Sunday is paid on Monday between the 9am to 2pm or sometimes to 3pm. What I do is to check every 30 minutes from 9am and you will notice the first difference from which you can calculate the interest rate. Continue checking as stated above and you will see that of Sunday and Monday and then you can calculate the interest rate. From my experience, weekend rate is close to what is quoted on the website on Thursday.

I know this is a crooked way of checking but I am impressed with the redemption speed.

Develop an excel sheet to enable you compare the quoted and actual rate.

Ifelove1:
Please has Stanbic MMF ever had a better rate than AXA Mansard MMF?

jpphilips:
Have you bothered to select the calendar on that web tool?
Enough of that "one of the best" nonsense!!
Not everyone is a fan of mediocrity.

jpphilips:
You think the example I talked about was generated frm where? Stop deceiving yourself, Axa doesnt have the best rates.

jpphilips:
Axa mansard does not credit me on Fridays & Mondays, it stays put on previous week's Thursday rate till Tuesday next week.
Have you bothered to ask yourself how they arrived at what they credited you?

ajeleomo:
Does anyone have Abacus MMF account with investment one and MMF account with ARM? please kindly confirm interest rate for 12% and 12.3% respectively because i dont understand why these guys are up there why Stanbic MMF is at 11.58%.

Ikmontana1:
pls anyone,
does First Bank have an App for Mutual Funds ??