Vintage Asset Management

Best execution report

When we transact on portfolios for clients we make every effort to ensure that we achieve the best possible result. We have a Best execution policy, which you are welcome to view on request.

Under the regulatory requirements under the MiFID II programme we are obliged to provide further information on the execution venues that we use such as regulated stock markets. In practice we direct our orders through the administrative platforms and custodians that we use on behalf of clients, which have been Raymond James Investment Services/Pershing Securities Limited (Raymond James) and Lombard Odier (Europe) SA (Lombard Odier). These firms in turn have their own responsibility to ensure best execution, which we continue to monitor, and we raise periodic queries with them. Should our own monitoring, which is on a continuing basis and reviewed each year, indicate that they have fallen short of the standards we require then we address that with them directly while reserving the right to move to an alternative provider. The two counterparties accounted for the transactions we carried out for clients over the course of 2023 as below:

By value – Raymond James £254,114,170 or 91.9% and Lombard Odier £22,352,457 or 8.1%.

By number of trades – Raymond James 29,349 or 96.9% and Lombard Odier 946 or 3.1%.

For the prior year in 2022 the position was:

By value – Raymond James £149,641,599 or 77.5% and Lombard Odier £43,453,054 or 22.5%.

By number of trades – Raymond James 19,677 or 85% and Lombard Odier 3,480 or 15%.

We have in particular moved further client assets from the UK side of Lombard Odier; we have not accounted for transfers in these calculations. We have also excluded any spot FX transactions.

Our reporting requirements cover a range of different classes of investment. The ones in which we transact are equities (including investment trusts or companies), debt instruments if on a limited scale and exchange traded funds or notes. We do not transact in derivatives, contracts for difference and emission allowances. The majority of the transactions are in open-ended collective investments such as unit trusts, OEICs and SICAVs, which are categorised as Other instruments.

Contacting us

Please let us know if you have any questions about this report. You can contact us by email at info@vintageassetmanagement.co.uk, by calling us on 020 7989 3110 or by writing to us at 7a Wyndham Place, London W1H 1PN.