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Frequently Asked Questions

Hour-Glass Home > Frequently Asked Questions

Are monies invested in the Hour-Glass Investment Facilities guaranteed by the NSW state government or TCorp?

No. There is no guarantee by TCorp or the NSW state government of the initial and ongoing value of investments. This means that your investment can increase or decrease in value depending on the value of the relevant fund. TCorp does structure the Hour-Glass Investment Facilities with the view to achieving a favourable risk/return outcome.

Does TCorp directly manage any of the Investments in the Hour-Glass?

Yes. TCorp directly manages cash portfolios in the Hour-Glass.

TCorp's other main roles are:
• Managing – selecting fund mangers and reviewing their performance, and determining the strategic investment mix for the core facilities. We utilise advice on these matters from a leading asset consultant.
• Administration – day to day running of the facilities, processing transactions with clients, liaison with the custodian and monthly reporting.
• Advice – advising clients of the facilities that best suit their needs and requirements.

What are the deadlines for depositing or withdrawing money?

• Cash Facility deposits or withdrawals can be made on the day of notification, provided the relevant forms are received by 12 midday. Some cases require 24 hours notice - TCorp will inform the client on notification.
• All other Facilities and Sectors require five business days notice.

What are the fees and how are they deducted from the relevant facility?

The fees include Investment Manager, Custodian, Asset Consultant, Audit and TCorp Administration fees.
All fees are automatically deducted from the facilities prior to the returns being struck. For estimates of the total fees and costs applying to each facility, please see the Core Facilities page.

What are the Goods and Services Tax (GST) implications of Investments in the Hour-Glass?

Client investments in the Hour-Glass do not incur GST, as they are “input-taxed”. The fees the Hour-Glass pays to investment managers, the custodian and TCorp are subject to GST, but the impact on investment returns is very small as the Hour-Glass obtains compensating tax credits.

What legislation enables TCorp to manage funds?

TCorp’s power to borrow, invest and undertake financial management transactions is derived from the Public Authorities (Financial Arrangements) Act 1987.

Does TCorp outsource any functions or processes of the Hour-Glass?

Yes. The following services are outsourced:
• Custody of Hour-Glass assets is outsourced to a master custodian, currently BNP Paribas Fund Services Australasia Pty Ltd trading as BNP Paribas Securities Services.
• Investment manager research is outsourced to an investment consultant, currently JANA Investment Advisers Pty Ltd.
• Investment management of the Hour-Glass assets is outsourced to external investment managers. For a current listing please see the Investment Managers page.
TCorp remains ultimately responsible for these outsourced activities.