Precis of best execution policy

BEST EXECUTION OVERVIEW

The Firm seeks to act in the best interests of its Client(s), and as such, takes all reasonable steps to achieve best execution. This policy gives an overview of the approach we adopt to achieving best execution, with respect to the classes of instrument the Firm may transact in, and the entities to which the Firm may transmit such orders.

In obtaining the best possible result (rather than merely the best price) the Firm takes into account the execution criteria and factors for the particular type of transaction.

Execution Criteria

When determining the relative importance of the execution factors (see below) the Firm will take into account the following execution criteria:

  • the characteristics of the Client including its client categorisation (ie professional or eligible counterparty);
  • the characteristics of the Client order (if there is a Client order);
  • the characteristics of financial instruments that are the subject of that Client order; and
  • the characteristics of the execution venues or brokers to which that order can be directed.

Execution Factors

The factors to be taken into account when providing best execution to Clients are:

  • price
  • costs
  • speed
  • liquidity
  • settlement
  • Client objectives
  • order size / nature
  • venue
  • others as relevant

Execution Venues

The Firm will consider the relevant execution factors applied to classes of instrument, and select an appropriate broker or execution venue from its panel of approved brokers, to achieve best execution. This panel is kept under review as noted below.

Monitoring

The Firm monitors the effectiveness of the execution arrangements for each instrument traded with each broker or venue through an evaluation of the controls and related exceptions or through sample checks. Such monitoring is undertaken with reference to the risk and impact on the Client resulting from the Firm not meeting the relevant execution factors.

Annual Review

At least annually, and whenever a material change occurs to the investment strategy of a Fund, or the Firm’s ability to obtain the best possible results for its Client(s), the policy is formally reviewed in line with the Firm’s execution arrangements considering whether the approved brokers and/or execution venues are providing the best possible result for Firm’s Client(s).