Questions for IMGA Ações Portugal investors

Hi @imga Ações Portugal investors,
I am finalising my GV bank account opening with Millennium and am planning to invest in IMGA Ações Portugal fund. I understand that the bank would like to handle the investment for me, so I suppose they would then fulfil the role of custodian bank as well as retail bank. Simply I just wanted to ask you from your practical experience any dos and dont’s around this in order not to get hit with too many avoidable fees? I am a non UK resident based in Asia. Thanks for any ideas and hope to join the group with committed status soon!

I don’t want to throw a spanner in the works, but assuming you’re not a US citizen, have you considered BPI Portugal as an alternative to IMGA? It’s just that the fees are 1.195% pa rather than 2.175% pa, so on a EUR 500k investment that’s a saving of something like EUR 35k over your likely holding period. The portfolios are pretty similar; both kind-of track the PSI20.

Essentially with BPI it’s all in house, so they don’t pay half the management fee away to third parties.

1 Like

Hi Chris,

Many thanks for the suggestion, I will check it out. Am I correct in saying your bank account is also with BPI? As I applied with Millenium and am quite far down the line I am not sure how the process would be, I had heard that it may become complicated to close smoothly as then the retail bank would not get a fee…? if anyone had experience of this please let me know!

Yes, I have a BPI bank account… if I log into the BPI site, I see my current account balance in one tab and my investment holding in another. My only relationship is with BPI, there are no other parties involved.

I did all this around September 2021; at the time it was really straightforward - I opened the account, made the wire transfer, the fund units were purchased, and BPI issued the relevant declarations, all within about 2-3 weeks. I hear that since then, the account-opening process for all Portuguese banks has become more time-consuming, and in some cases people have had to go to Portugal to open accounts in person. So I don’t know what the process with BPI would be like now.

I think your timing was good both for bank account opening and investing in the market.
Thanks for your helpful advice.

Best regards,
Andrew

1 Like