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Wayne Ross

Hi Russell

Having seen a few GMI portfolios they appear to be operating a bare trust structure. It is the same structure initiated by Colonial many years ago for managing life co money. Essentially no difference tax or legal wise to any Wrap platform offer (off course the KiwiSaver version has an additional PIE wrapper). The difference appears to be hyperbole and effective marketing! The irony is their portfolios also contain managed or unitised offshore funds ... apparently because GMI can tell a good unitised fund from a bad one and all NZ products are dodgy? Cheers Wayne

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