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 client orders to. The tables below relate to the period from 1 January 2018 to 31 December 2018.

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 79.24% 79.24% N/A N/A N/A
McInroy & Wood 213800W773FZ1SG95202 13.79% 13.79% N/A N/A N/A
Killik 213800ZMQ7HGA4B69H23 4.43% 4.43% N/A N/A N/A
Charles Stanley 213800R62RPGBBLQRT21 1.41% 1.41% N/A N/A N/A
Stocktrade 213800SKT2I828UDNB81 1.12% 1.12% N/A N/A N/A
Class of Instrument Debt Instruments
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 76.32% 76.32% N/A N/A N/A
McInroy & Wood 213800W773FZ1SG95202 17.11% 17.11% N/A N/A N/A
Ruffer 213800V2YODXDRX33B90 3.07% 3.07% N/A N/A N/A
Killik 213800ZMQ7HGA4B69H23 2.63% 2.63% N/A N/A N/A
Stocktrade 213800SKT2I828UDNB81 0.88% 0.88% N/A N/A N/A
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 61.29% 61.29% N/A N/A N/A
Barclays 24.73% 24.73% N/A N/A N/A
AJ Bell 213800BCSJW371MXPR33 6.45% 6.45% N/A N/A N/A
Citibank G2M96IXONJEAOBNT6B40 4.30% 4.30% N/A N/A N/A
Ruffer 213800V2YODXDRX33B90 3.23% 3.23% N/A N/A N/A
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 82.34% 82.34% N/A N/A N/A
AJ Bell 213800BCSJW371MXPR33 8.66% 8.66% N/A N/A N/A
Barclays 5493008MOKMG7PE8XG77 5.97% 5.97% N/A N/A N/A
RL360 21380084KCWL91E4H544 1.64% 1.64% N/A N/A N/A
Citibank G2M96IXONJEAOBNT6B40 1.40% 1.40% N/A N/A N/A

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.