Costs and Charges
Due to new rules that have been recently introduced by the MiFID II regulations, all investment companies must now explicitly detail the costs and charges incurred in the management of portfolios. Waverton now has to produce an annual report with a breakdown of these costs.
Why do my Cost and Charges reported differ from the management Fees that have been previously invoiced and paid?
Management Fees shown in your valuations statement summary or invoice represent Waverton’s annual charge for the investment product or service provided by the company. These are usually debited from your investment directly or via remittance.
This provides the total amount incurred by your investment over the reported and is broken into the following sub-sections -
- Waverton Service Charges – the management and service costs of having your investment held at Waverton
- Collective and Waverton fund costs – On-going and transaction charges incurred by the fund(s) that you are invested in.
- Execution charges – External brokerage, Stamp, tax or market charges that are applied as part of any transactions undertaken.
Section 2: Overall Waverton vs Non-Waverton Costs Split
This displays the difference between the charges applied by Waverton in the operation and servicing of your investment and those incurred by third parties, these include VAT, execution and third-party managed fund charges.
Section 3: Cumulative effect of Costs and Charges on your return
What period does the Cost and Charges report against?