Implementation

Once the recommendations have been provided with the appropriate rationale, we provide assistance with the implementation. This involves organising the relevant documentation, acting as an intermediary with any third party providers as appropriate, following up to ensure the correct terms have been applied and recording data as necessary.

Top Five Entities Used for The Transmission or Placing of Client Orders

Where we send investment applications or orders on behalf of a client to third parties (for example, to buy or sell investment holdings), we make every effort to ensure the best possible result for the client. This is referred to as best execution. In arranging for the execution of an order:

  • We may place the order via a third-party broker or platform (an online investment administration services) to execute the order; or
  • We may place the order directly with a fund manager.

We are obliged to disclose on an annual basis the top five investment firms that we send our client orders to. The tables below relate to the period 1 January 2017 to 31 December 2017.

Class of Instrument Equity / Investment Trust
Notification if <1 average trade per business day in the previous year No
Top five execution venues ranked in terms of trading volumes (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders as percentage of total in that class Percentage of passive orders Percentage of aggressive orders Percentage of directed orders
Alliance Trust Savings 213800SKT2I828UDNB81 73.42% 81.15% 0.13% 99.87% 0%
McInroy & Wood 213800W773FZ1SG95202 4.00% 7.66% 0% 100% 0%
Stocktrade 213800SKT2I828UDNB81 3.17% 2.23% 36.59% 63.41% 0%
BestInvest 213800O9FNN179AUWX06 1.28% 1.03% 0% 100% 0%
James Hay 213800G8VGRBWTQAUA89 1.06% 0.87% 0% 100% 0%
Class of Instrument Debt Instruments
Notification if <1 average trade per business day in the previous year No
Top five execution venues ranked in terms of trading volumes (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders as percentage of total in that class Percentage of passive orders Percentage of aggressive orders Percentage of directed orders
Alliance Trust Savings 213800SKT2I828UDNB81 77.73% 78.31% 0% 100% 0%
McInroy 213800W773FZ1SG95202 2.29% 9.56% 0% 100% 0%
Stocktrade 213800SKT2I828UDNB81 12.71% 4.41% 0% 100% 0%
James Hay 213800G8VGRBWTQAUA89 3.99% 2.57% 0% 100% 0%
Cazenove VU0BHW8GU0LCDVDEVZ11 1.12% 0.74% 0% 100% 0%
Class of Instrument Exchange-Traded Fund (ETF)
Notification if <1 average trade per business day in the previous year Yes
Top five execution venues ranked in terms of trading volumes (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders as percentage of total in that class Percentage of passive orders Percentage of aggressive orders Percentage of directed orders
Alliance Trust Savings 213800SKT2I828UDNB81 75.61% 86.45% 0% 100% 0%
James Hay 213800G8VGRBWTQAUA89 17.69% 6.45% 0% 100% 0%
Stocktrade 213800SKT2I828UDNB81 3.07% 2.58% 0% 100% 0%
FundsNetwork 213800AAC1A44NYZDR77 1.32% 0.65% 0% 100% 0%
Cazenove VU0BHW8GU0LCDVDEVZ11 0.19% 0.65% 0% 100% 0%
Class of Instrument Other (Funds)
Notification if <1 average trade per business day in the previous year No
Top five execution venues ranked in terms of trading volumes (descending order) Proportion of volume traded as a percentage of total in that class Proportion of orders as percentage of total in that class Percentage of passive orders Percentage of aggressive orders Percentage of directed orders
Alliance Trust Savings 213800SKT2I828UDNB81 77.35% 71.03% N/A N/A 0%
FundsNetwork 213800AAC1A44NYZDR77 1.31% 7.43% N/A N/A 0%
James Hay 213800G8VGRBWTQAUA89 11.14% 7.06% N/A N/A 0%
Stocktrade 213800SKT2I828UDNB81 1.68% 1.83% N/A N/A 0%
Cofunds 213800XRUPSOZUPSF553 0.61% 1.76% N/A N/A 0%

Monitoring and Review

We operate in accordance with our best execution policy, which is available on request.

Under the terms of our policy, we regularly assess the third parties available to us to identify those that will enable us, on a consistent basis, to obtain the best possible result when arranging for the execution of our clients’ orders.

The third parties that we use, also have responsibilities in relation to best execution and client order handling. We undertake periodic monitoring to make sure that they continue to meet our requirements. This review is carried out at least annually or whenever a significant change occurs that we feel could affect our ability to continue to obtain the best possible results for our clients.