The management fee is based on the value of the portfolio, and commissions are levied on individual deals. Once a portfolio is fully invested we would expect the level of ongoing dealing commissions to be minimal.

The annual charge is 1.5% + VAT of the value of the portfolio, reducing to 1% + VAT for the portfolios between of £1m and £2m, and 0.5% + VAT on balances thereafter.

Fees are debited semi-annually in arrears (i.e. 0.75% every six months), subject to a minimum management fee of £1,500 + VAT. Minimum portfolio size is £100,000.

The sliding dealing commission payable is 1.65% on the first £7,000, 1,25% on the next £8,000, 0.5% on the next £115,000, 0.4% on the next £170,000 and 0.3% on the balance.

An additional charge of £5 per contract is levied towards regulatory costs. Additional charges may also be made for irregular custody and settlement services.

Introducers will be offered up to 3% initial commission and 0.25% trail commission.