Rabobank has launched five new low-cost funds managed by the asset manager, BlackRock.
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The five new funds, designed by BlackRock, will be come under the product label of BlackRock Mix Fondsen and will take the 1.5 billion worth funds that previously were allocated in active strategies through its former subsidiary Robeco.
The funds match the five current risk/return customer profiles, as they are based on the input of Rabobank with regard to the allocation among different investment categories.
BlackRock stated that its five passive funds are in line with the principle that the new Rendemix must be simple and inexpensive. Till date, Rabo Rendemix was allocated with Robeco active mixed funds, for about 100,000 customers.
Pim Mol, director of private banking at Rabobank Nederland, said: "The financial world is currently undergoing a number of important developments.
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By GlobalData"The focus is on transparency, simplicity, putting customers’ interests first. This entails a clear tariff structure and no commissions. The same applies to investment. Restructuring Rendemix is a key step to the new services. It means we are responding in advance to the ban on commissions that will go into force on 1 January 2014."
