MLC, the wealth management division of National Australia Bank, has lowered administration fees and added a range of investment products to its MasterKey Fundamentals platform.

MasterKey Fundamentals products are investor-directed portfolio services through which clients can acquire, hold and withdraw available investments. Under the new pricing structure, which takes effect 1 February 2012, account balances of up to A$20,000 ($20,322) will see an average of 50 per cent reduction in fees, the company said in a statement. In addition, a fee cap has been introduced for balances above A$1.4 million, giving investors with high balances certainty that they will not pay more than A$3,500 for administration. The monthly account fee has also been abolished.

"MasterKey was the first 'baby wrap' on the market back in 1999 and MasterKey Fundamentals was the first fee-for-service platform when it was launched in 2006," said Dean Thomas, general manager for MLC MasterKey.

"[The product] hasn't changed its price in over five years and the market was very different then, so we took this opportunity to review our complete pricing package," added Thomas. 

Concurrent with the fee reduction is the launch of four investment products: MLC Index Plus Portfolios, MLC Wholesale Australian Share Index Fund, Fairview Equity Partners Emerging Companies Fund and Pengana Asian Equities Fund. MLC says it remains an advocate of active management and introduced the new funds to offer investors a wider range of choices. All four funds will take effect from 21 November. 

MasterKey is poised for expansion and is set to release enhancements for improved reporting, cash investments, online portals and mobile applications over the next 12 months, with rollouts expected in March, June and August 2012.