7. Client Allocation & Reporting


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  1. Firms will vary in terms of their own systems and process solutions for achieving the best client possible reporting structure, but with a unified goal of providing a transparent representation of the actions outlined in clauses 1-7.
  2. Investment firms will not have to operate RPAs as client money accounts, but the reporting process will reflect where these funds have been gathered and apply the greatest transparency practicable from the resources available to the asset management firm.
  3. The method used to calculate the charge per client can be based on a variety of methods, but will be published in full for clients. These methods may include but not be limited to the proportion of AUM represented by the client within the AUM of each applicable research budget.
  4. A research charge fee will take into account aggregated overall AUM and the aggregated research charge in monetary amounts.

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