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/Pershing, SG Kleinwort Hambros (SGKH), Lombard Odier (Europe) SA and Global Prime Partners (GPP). These firms in turn have their own responsibility to ensure best execution, which we continue to monitor with them, and we raise periodic queries with them. Should our monitoring, which is on a continuing basis and reviewed each year, indicate that they have fallen short of the standards we require we address that with them directly while reserving the right to move to an alternative provider. The four counterparties accounted for the transactions we carried out for clients over the course of 2020 as below, with GPP finishing before the end of the year:
By value – Raymond James £176,868,787 or 75.6%; Lombard Odier £45,520,882 or 19.5%; SGKH £7,384,697 or 3.2%; and GPP £4,249,975 or 1.8%.
By number of trades – Raymond James 21,926 or 80.8%; Lombard Odier 4,150 or 15.3%; SGKH 388 or 1.4%; and GPP 678 or 2.5%.
For the prior year in 2019 the position was:
By value – Raymond James £112,248,522 or 87.8%; Lombard Odier £8,362,246 or 6.5%; SGKH £6,649,605 or 5.2%; and GPP £552,088 or 0.5% (for part of the year).
By number of trades – Raymond James 12,777 or 81.2%; Lombard Odier 2,506 or 15.9%; SGKH 411 or 2.6%; and GPP 36 or 0.2%.
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.
Please let us know if you have any questions about this report. You can contact us by email at firstname.lastname@example.org, by calling us on 020 7989 3110 or by writing to us at 7a Wyndham Place, London W1H 1PN.